Mahanagar Gas shares rose 4% in intraday trade on the NSE on Friday, after the city gas distributor announced a ₹2 per kg price hike for compressed natural gas in Mumbai and nearby areas.
The sharp sell-off reflects market concerns over rising input costs due to lower APM gas availability, impacting profitability expectations.
The foray into battery cell manufacturing will strengthen Mahanagar Gas' position in the evolving energy space, says Ashu Shinghal, managing director of MGL.
MGL has raised CNG prices by ₹1.50 per kilogram to ₹75 per kg, and domestic PNG prices by ₹1 per standard cubic meter (SCM) up to ₹48 per SCM.
Mahanagar Gas on Tuesday cut CNG prices by ₹2.5 per kg to ₹73.50 per kg, citing dip in gas input costs.
The company will acquire 100% stake in Unison Enviro, the city gas distribution arm of Ashoka Buildcon, for ₹531 crore.
The oil ministry has ordered the diversion of natural gas from industries to the city gas distribution to cool down the CNG and piped cooking gas prices
