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IGL - Indraprastha Gas News Story

₹498.1 -17.1  -3.3%

Last Trade - 11:23am

Large Cap
Market Cap £3.50bn
Enterprise Value £3.27bn
Revenue £528.1m
Position in Universe 108th / 3109

BUZZ-Gas companies gain as India commits to bring natural gas under GST

Thu 18th February, 2021 4:55am
** Shares of Indian gas cos ONGC  ONGC.NS , GAIL  GAIL.NS ,
Indraprastha Gas  IGAS.NS  and Gujarat State Petronet  GSPT.NS 
rise 4.9%-13.1%
    ** India is committed to bring natural gas into goods and
services tax regime to make prices cheaper and uniform across
country, Prime Minister Narendra Modi said on Wednesday*:nFWN2KN0CS
    ** Move is a "gamechanger" for Indian gas companies as
consumption will get a boost - Sumit Pokharna, vice president,
Kotak Securities
    ** Margins likely to improve as cos might not pass on full
benefit to consumers, capacity utilisation to also improve -
    ** India spending 7.5 trln rupees ($103.06 bln) over 5 years
to build its oil and gas infrastructure, Modi added
    ** IGAS, GSPT hit record highs, ONGC and GAIL reach around
5-wk highs
    ** Stocks up 8%-10% YTD, up to last close; GSPT and GAIL saw
muted gains in 2020, IGAS climbed ~17%, while ONGC slid ~28%
    ** S&P BSE Oil & Gas Index  .BSEOIL  advances 3.4% on
Thursday to highest since Nov. 21, 2019

($1 = 72.7750 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((; +91-80-6749-8695; Reuters
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