Mahanagar Gas gains on buzz of hiking gas prices

Mahanagar Gas rose 1.65% to Rs 1100.25 at 11:56 IST on BSE on reports the company has increased the basic price of CNG and domestic pipelined natural gas.

Meanwhile, the S&P BSE Sensex was up 163.79 points, or 0.52% to 31,661.17.

On the BSE, 18,000 shares were traded in the counter so far, compared with average daily volumes of 25,066 shares in the past one quarter. The stock had hit a high of Rs 1,115.10 and a low of Rs 1,087.10 so far during the day. The stock hit a record high of Rs 1,184.95 on 13 September 2017. The stock hit a 52-week low of Rs 642.75 on 9 November 2016.

The stock had outperformed the market over the past one month till 3 October 2017, rising 2.85% compared with 0.65% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.07% as against Sensex's 0.81% rise. The scrip had also outperformed the market in past one year, rising 49.56% as against Sensex's 11.16% rise.

The large-cap company has equity capital of Rs 98.78 crore. Face value per share is Rs 10.

According to reports, Mahanagar Gas (MGL) has upped the price of piped natural gas (PNG) by Rs 0.95 per standard cubic meter and compressed natural gas (CNG) by Rs 1.15 per kilogram from today, 4 October 2017.

This will increase the cost of CNG to Rs 42.63 per kg and PNG to Rs 25.69 per SCM.

Mahanagar Gas' net profit increased 34.1% to Rs 124.33 crore on 9.8% rise in net sales to Rs 530.86 crore in Q1 June 2017 over Q1 June 2016.

Mahanagar Gas (MGL) is one of India's leading natural gas distribution companies. MGL is a joint venture between GAIL (India) and BGAPH (a subsidiary of Royal Dutch Shell Plc). The company supplies eco-friendly and safe Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Mumbai Metropolitan Region (MMR) and Raigad District.

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