India's Mahanagar Gas down after LPG, PNG price cuts

Mahanagar Gas

17/08/2022 05:40

** Shares of city gas distributor Mahanagar Gas Ltd
 MGAS.NS  fall as much as 3.76% to 887 rupees, biggest intraday
pct loss since June 20 
    ** If losses hold, MGAS set to snap three straight sessions
of gains  
    ** MGAS says it has reduced price of compressed natural gas
(CNG) by 6 rupees ($0.0756) per kilogram and domestic piped
natural gas (PNG) by 4 rupees per standard cubic metre (SCM) in
and around India's financial hub, Mumbai
    ** Price cuts come after India's Ministry of Petroleum and
Natural Gas raised allocation of domestically produced natural
gas 
    ** More than 579,631 shares change hands by 0411 GMT vs
30-day avg of 645,843 
    ** Twenty one of the 29 analysts covering the stock have a
"buy" or "strong buy" rating, seven have "hold" while one rates
it at "sell" or "strong sell"; median PT is 966 rupees -
Refinitiv data
    ** Stock up 6.8% YTD up to last close

($1 = 79.3500 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com;))