Indraprastha Gas shares rise 3% on hike in PNG prices

Indraprastha Gas shares surged 3 per cent on Monday after the company increased the selling price of compressed natural gas (CNG) and piped natural gas (PNG) in Delhi-NCR.

While CNG prices have been raised by 45 paise a kg to Rs 38 per kg in the national capital, NCR residents will have to be pay 50 paise per kg more for the same.

PNG prices have been hiked by 45 paise per standard cubic metre to Rs 25.35 in Delhi and 50 paise per standard cubic metre in NCR.

Cheering the news, shares of the company ended the day Rs 12.05 higher at Rs 413.75 at the Bombay Stock Exchange, against its previous close of Rs 401.70.

Indraprastha Gas has also done away with the highest slab of the PNG consumption. All domestic PNG consumers will be charged at a single rate applicable for their respective city.