MGL, IGL stocks tank up to 14%; Why are CGD shares falling in trade today?

Quick Summary:

Shares of city gas distributors (CGDs) -- Mahanagar Gas (MGL) and Indraprastha Gas (IGL) – plunged up to 14 per cent on the BSE in Friday's intraday trade.

According to analysts at JM Financial Institutional Securities, the above cut is likely to result in ~4mmscmd of cheap $6.5/mmbtu APM gas being replaced with expensive gas costing $10-14/mmbtu (like domestic HPHT gas, new well/well intervention from ONGC and LNG imports).

Mahanagar Gas (MGL) share price tanked 14 per cent to hit an intraday low of Rs 1,512.50, while Indraprastha Gas (IGL) share price slipped 13 per cent to Rs 439.40 on the BSE on the back of over two-fold jump in average trading volumes.

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Category: BusinessFinance

Markets: India

Topics: CNG CNG (Transport) High Pressure High Temperature Mahanagar Gas City gas distributors New Well/Well Intervention gas Indraprastha Gas CGDs Administrative Price Mechanisms IGL NWG GAIL (India) Pipelined natural gas MGL Compressed natural gas Oil and Natural Gas Corporation ONGC PNG HPHT gas APM gas

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-18 @ 11:05:11 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

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News ID: 23115465

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