Ways2Capital Reviews : Mahanagar Gas Hikes CNG And PNG Price In Mumbai

Mahanagar Gas hiked the prices of domestic Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) by Rs0.33/scm and Rs1.51/kg respectively in Mumbai, as per media reports. The hike is with a view to partially pass on company’s increase in input cost of gas due to dollar appreciation against rupee and also due to increase in share of Panna-mukta and Tapti gas for the supply of domestic gas.

MGL is a leading natural gas marketing company in Maharashtra. In Q4FY18, the company’s 73% of sales volume came from CNG and 27% from PNG. Company has added 20 new CNG stations in FY18 and planning to add another 35 in FY19E. Moreover, the length of the pipeline network of the company stood at ~5,000km.

Mahanagar Gas Ltd is currently trading at Rs863 up by Rs14 or 1.65% from its previous closing of Rs849 on the BSE.

The stock is currently trading below its 200 DMA.
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About Bhoomi Desai