Lupin, Gujarat State Petronet, Petronet LNG and Wockhardt are among the other gainers.
Shares of gas distribution and transmission companies were in demand after Petroleum Minister Veerappa Moily said today, 3 February 2014, that the government has decided to raise allocation of natural gas from domestic fields to city gas entities to 100% from current limit of 80%. This would be done by cutting supplies to non-core sectors like petrochemicals, steel and refineries.
Moily also said the government has cut the CNG (compressed natural gas) price by Rs 15 per kg, or around 30%, with immediate effect. The price of PNG (piped natural gas) has also been cut by Rs 5, or nearly 20%, per cubic metre.
The move is aimed to popularise the use of natural gas, considering the high pollution levels in many cities of the country.
Piped gas distributor Indraprastha Gas jumped 7.74% to Rs 266.70. The stock topped the gainers in the BSE's 'A' group.
Gujarat State Petronet, which operates natural gas transmission network, spurted 4.33% to Rs 57.85. The stock was third biggest gainer in 'A' group.
Petronet LNG, which is engaged in regasification of liquefied natural gas (LNG), climbed 4.19% to Rs 114.50. The stock was fourth biggest gainer in 'A' group.
Pharmaceutical company Lupin galloped 4.52% to Rs 921.90 after net profit grew 42% to Rs 476.10 crore on 21% increase in net sales to Rs 2983 crore in Q3 December 2013 over Q3 December 2012. The company announced the result during trading hours today, 3 February 2014. The stock was second biggest gainer in 'A' group.
Pharmaceutical company Wockhardt rose 3.40% to Rs 407.45. The stock was fifth biggest gainer in 'A' group.
Wockhardt unveils Q3 results on 9 February 2014.
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