Hot Pursuit     13-Apr-22
Mahanagar Gas gains on hiking CNG, PNG prices in Mumbai
Mahanagar Gas (MGL) rose 1.75% to Rs 830.80 after the company reportedly hiked CNG and PNG prices with effect from the midnight of 12 April 2022.
The media reported that MGL has hiked Compressed Natural Gas (CNG) price by Rs 5/kg and Piped Natural Gas (PNG) price by 4.50/Standard Cubic Metre (SCM).

CNG will now cost Rs 72/kg and domestic PNG is priced at Rs 45.50/SCM in and around Mumbai, reports added.

MGL is one of the India's leading natural gas distribution companies. It has a natural gas distribution network in Mumbai and its adjoining areas. GAIL (India) (Maharatna Company of Govt. of India) is the promoter of MGL and holds 32.50% stake in the company.

MGL's net profit tumbled 74% to Rs 56.79 crore on 54.2% increase in net sales to Rs Rs 1,027.8 crore in Q3 FY22 over Q3 FY21.

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