Indraprastha Gas Shares Climb After PNG Price Hiked In Delhi NCR
Indraprastha Gas' share price rose as much as 2.4% to Rs 360, after PNG prices were hiked by nearly 5.5%.
Shares of Indraprastha Gas Ltd. gained the most in four days after the company raised prices in Delhi and other regions to offset input cost pressures.
The company said it was revising prices of domestic piped natural gas in Delhi to Rs 50.59 per unit, effective Aug. 5, "to partially offset the increase in input gas cost". That entails a price hike of about 5.5%.
In the national capital region, prices have been revised in Greater Noida, Noida and Ghaziabad. The cooking gas will cost Rs 50.46 a unit in these cities, while it will cost Rs 48.79 in Gurugram.
Areas such as Meerut and Kanpur in Uttar Pradesh, Rajsamand, Pali and Ajmer in Rajasthan, and Karnal and Rewari in Haryana have also seen PNG price hikes.
Shares of the company surged as much as 2.4% to Rs 360 apiece before closing 0.4% higher. Of the 35 analysts tracking the company, 27 maintain a 'buy', five suggest a 'hold', while three recommend a 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 31.3%.