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Defying a weak stock market, shares of Indraprastha Gas Ltd surged as much as 5.5 per cent today, as the company raised the prices of compressed natural gas (CNG) by Rs 2.90 per kg in the national capital and adjoining towns.
Shares of IGL climbed 5.5 per cent to Rs 255.10 on the BSE. On the NSE, the stock was up 4.21 per cent at Rs 252.10.
In terms of volume, 2.68 lakh shares changed hands on the BSE, while over 10 lakh shares were traded on the NSE.
IGL had said that the increase was necessitated because of fall in value of the rupee and rising cost of imported gas.
The hike had been necessitated because the company is buying more of imported liquefied natural gas (LNG) after supplies from Reliance Industries’ KG-D6 gas fields dried up.
Imported fuel costs at least three times more than $4.20 per million British thermal unit rate fixed for domestic gas.
The uptrend in the stock, however, outperformed the weak broader market where the Sensex was trading at 17,394.69, down 126.43 points at 12.07 pm.
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