City gas firms up on report India budget likely to cut tax on CNG

Mahanagar Gas

10/07/2024 08:37

** Shares of most city gas distributors rise after local
media reported after Tuesday's close that India government in
budget is likely to reduce central excise duty on compressed
natural gas to 5%-7% from 14% 
    ** Indraprastha Gas  IGAS.NS  and Mahangar Gas  MGAS.NS  up
1.5% and 2.5%, respectively
    ** On the day, broader markets down 0.7%  .BO ; Gujarat Gas
 GGAS.NS  unchanged   
    ** YTD, GGAS, IGAS, MGAS have risen between 27% and 42% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))