Mahanagar Gas

The Government of India has accepted several key recommendations made by the Kirit Parikh Committee with respect to the pricing of natural gas produced from the APM fields.

Stocks to Watch: Shares of city gas distributors are likely to be in focus today as they react to government's nod for new pricing regime.

Gail India subsidiary Mahanagar Gas (MGL) on Friday announced a steep reduction in the retail price of compressed natural gas (CNG) by Rs 8/kg and domestic PNG (piped natural gas) by Rs 5/SCM across its licenced area. The move comes on the heels of the Centre revising the pricing methodology of domestically-produced natural gas on Thursday as proposed by the Kirit Parikh committee and following it with the new price announcement earlier in the day. In February, the city gas distributor reduced its CNG price by Rs 2.5/kg. but prices are still around 80 per cent more than those in April last. MGL is pleased to pass the benefit of the source price reduction in domestic gas cost onto its domestic PNG and CNG consumers. Accordingly, the price of CNG is reduced by Rs 8/kg and domestic PNG is down by Rs 5/SCM in and around Mumbai, a late evening statement from the city gas distributor said. The revised retail price of CNG will be Rs 79/kg and that of domestic PNG Rs 49/SCM effective from

The government kept domestic gas prices unchanged at $8.6/mmBtu on a provisional basis from April 2023 to September 2023

Selective small-cap stocks may rally up to 22 per cent in coming months, show technical charts

Among individual stocks, the technical & derivative analyst from HDFC Securities recommends to Buy Mahanagar Gas and Dr.Reddy's Labs.

Shares of IDFC, MGL, Radico Khaitan, KEI Industries and Carborundum Universal may rise up to 26 per cent, indicate technical charts

Tailwinds for the industry in the form of decline in gas prices are also near-term positive

This acquisition will enable MGL to expand to newer geographical areas in Maharashtra (Ratnagiri, Latur & Osmanabad) and Karnataka (Chitradurga & Davanagere), thereby, providing new avenues.

Stocks to Watch: Mahanagar Gas has entered into a pact to acquire Unison Enviro, a subsidiary of Ashoka Buildcon, for Rs 531 crore

After nearly half a dozen times of hikes, the city gas utility Mahanagar Gas on Tuesday announced a reduction of Rs 2.50 per kilogram to Rs 87 a kg in the price of compressed natural gas (CNG), effective from Wednesday. Mahanagar Gas Ltd (MGL), however, left the price of cooking gas PNG unchanged. Since April 6, the price of CNG had gone up by Rs 29.50 per kilogram and that of piped natural gas (PNG) for residential use by Rs 18.50 at Rs 54. CNG price on November 4, 2022 had peaked at Rs 89.50 per kilogram and that of PNG at Rs 54 a kg. The state-owned company said the marginal cut in prices is in anticipation of the increased allocation of domestically-produced natural gas from high pressure-high temperature areas to distribution entities by the oil ministry, which lowers its input gas cost. After this reduction, the retail price of the fuel will come down to Rs 87 per kg in and around Mumbai, MGL said in a statement. This is the first price reduction since the second week of Ap

The proposed domestic gas pricing formula by Kirit Parikh panel will likely provide headroom to CGDs to reduce prices and improve margins, but this may hurt producers like ONGC, Oil India, experts say

CLOSING BELL: Global cues triggered by Powell's positive remarks boosted sentiment. The Sensex scaled a new high at 63,583, while the Nifty 50 came within striking distance of 18,900 on Thursday.

The S&P BSE Oil & Gas index hit a 52-week high of 20,653.57 in intra-day trade on Wednesday

CLOSING BELL: IndusInd Bank, Bajaj Finance, TCS, HDFC, Bajaj Finserv, Tata Steel, HDFC Bank, Wipro, L&T, Axis Bank, ITC, SBI, and Infosys were the top Sensex gainers

Analysts at Antique stock Broking said every $1/mmbtu rise in gas prices is expected to lift ONGC, and Oil India's standalone Ebitda by 4 per cent, and 7 per cent, respectively

The government has hiked prices of domestically produced natural gas for the October 2022-March 2023 period

Shares of gas distribution companies have being in focus on expectations of rise in demand, coupled with a favourable outcome from the Kirit Parikh report.

Analysts expects overall gas demand from the CNG and DPNG sectors to grow at 15.7 per cent CAGR over FY22-27 supported by aggressive expansion in infrastructure.

OPEC+ meeting: While analysts said the current output cut is insignificant to move the needle on oil prices, they cautioned that more output cuts may push oil prices higher, impacting India