Mahanagar Gas Limited Share Price Zoom 5% After CNG, PNG Price Hike In Mumbai

New Delhi: Shares of Mahanagar Gas Ltd rose 5 percent in opening trade on Tuesday after the retailer announced revision in CNG and PNG prices in Mumbai.

MGL shares opened at 1,752.20, jumping 4.86 percent higher in NSE as against its previous close of 1,669.00. 

After Delhi, CNG price in Mumbai has been hiked by Rs 1.50 per kg and the rate of cooking gas piped to houses by Re 1 due to rise in input costs, Mahanagar Gas Ltd, which retails CNG to automobiles and piped natural gas to households for cooking purposes in Mumbai and surrounding cities, said

According to Mahanagar Gas Ltd, which supplies piped natural gas to homes for cooking and retails compressed natural gas to cars in Mumbai and the neighboring areas the higher rates will take effect on the intervening night of 8 and 9.

The escalation of input prices has resulted in a jump in both the cooking gas piped rate and the price of CNG in Mumbai. MGL has raised the supplied price of CNG by Rs 1.50 per kg and domestic PNG by Re 1 per standard cubic meter in and around Mumbai to partially offset the increase in gas costs.

With PTI Inputs