Indraprastha Gas Gains as Government Defers Gas Price Hike
Shares in Indraprastha Gas Ltd rebounded after falling as much as 2 per cent on hopes that the government's decision to defer a gas price hike would benefit automobile gas distributors.
The government deferred a decision on Wednesday to raise prices of locally produced gas for the next three months, saying the matter requires more discussion.
Investors say lower compressed natural gas prices would be conducive for higher vehicle conversions for the company.
As of 12.10 p.m. shares in Indraprastha Gas traded 2.09 per cent higher at Rs348.80 compared to 0.55 per cent loss in Nifty.
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