IGL currently sells compressed natural gas (CNG) and piped natural gas (PNG) in the national capital and adjoining cities of Ghaziabad, Noida and Greater Noida.
Natural gas price was today cut marginally to USD 2.48 per million British thermal unit, the fifth reduction in two years.
Accordingly, revised prices of CNG and domestic PNG will be Rs 39.97/kg and Rs 23.92 per standard cubic meter (SCM) respectively in the megapolis.
"Trading members of the exchange are hereby informed that effective from Friday, July 1, 2016, the equity shares of Mahanagar Gas Limited shall be listed and admitted to dealings on the exchange in the list of 'B' group of securities," BSE said in a notice today.
During the period, EBIDTA may be at Rs 201.2 crore compared to Rs 175.8 crore while EBIDTA margin may stand at 21.1 percent versus 19.2 percent year-on-year.
The domestic gas price cut will make CNG 44-45% more competitive than diesel, compared with 39% currently, while PNG would become 1-2% more competitive than subsidised LPG, compared with a negative 8% currently
The company has came out of trade-to-trade segment today.
This was stated by IGL Chairman M Ravindran while addressing the shareholders at the 16th Annual General Meeting of the company.
After petrol and diesel, CNG and piped cooking gas prices were hiked by 45 paisa per unit in the national capital region with effect from midnight tonight.
Presently, urea manufacturing fertiliser plants have the first right over the domestically produced gas, followed by liquefied petroleum gas (LPG) plants and power stations.
"Inspite of revision in domestic gas prices announced by the government with effect from November 1, 2014, IGL has decided not to revise the retail price of CNG and domestic PNG in the interest of its consumers in Delhi, Noida, Greater Noida and Ghaziabad," said Narendra Kumar, Managing Director, IGL
LIC's acquisition of 2.107 percent additional shares has made it the third largest shareholder in IGL. Prior to this, Allard Partners Ltd with 5.93 percent shares was the third largest shareholder. HDFC Standard Life Insurance Co Ltd hold 4.78 percent stake in the firm.
Compressed Natural Gas, or CNG, will cost Rs 35.20 per kg from tomorrow as against the current rate of Rs 50.10 per kg. Rates of piped natural gas (PNG) that households use for cooking, was cut by Rs 5 per standard cubic meters (scm) per day.
The ministry had, in September, held that Petroleum and Natural Gas Regulatory Board (PNGRB) approval is not needed for setting up CNG selling stations and companies were free to set up CNG pumps across cities.
In a move that could bring prices of CNG and PNG by as much as 30 percent and 20 percent respectively, the government on Monday said it would divert greater allocation of cheaper domestically-produced natural gas to fuel retailers while cutting off supplies to non-core sectors such as refineries and steel.
A cut in prices of PNG (piped natural gas) is likely to be positive for Indraprastha Gas (IGL) as it would force a lot of people to shift from liquefied petroleum gas (LPG) to pipe gas.
Oil Minister M Veerappa Moily said the government has decided to raise allocation of natural gas from domestic fields to city gas entities to 100 percent from current limit of 80 percent.
CNG has been increased from Rs 41.90 to Rs 45.60 per kg. Also, the price of piped cooking gas, called PNG, for households has been hiked from Rs 24.50 per standard cubic meters to Rs 27.50 per scm.
Gujarat State Petroleum Corporation (GSPC) hiked its CNG prices by Rs 2/kg and of piped cooking gas by Rs 4/PSCM. This was done due to lack of cheaper domestic gas by the Central Government.
In an interview to CNBC-TV18, SP Tulsian of sptulsian.com picks Escorts and Atul Auto as his multibaggers for a period of six months.
ICRA has come out with its report/release on impact of partial deregulation of diesel prices. According to the research firm, the major benefit of partial deregulation to the fiscal position of GoI and the OMCs is expected to accrue only from FY 2014 onwards.
Rajesh VedVyas, managing director of Indraprastha Gas Limited (IGL) hopes that the company's performance in the second half to be on expected lines.
Nikhil Nanda, MD of JHS Svendgaard, in an interview with CNBC-TV18’s Reema Tendulkar and Ekta Batra, spoke about the recent happenings in the company and the future ahead.