India's Indraprastha Gas, Mahanagar Gas fall on reduction in gas allocation

Indraprastha Gas

18/10/2024 07:22

(Updates)
    ** Shares of Indraprastha Gas  IGAS.NS  down 10.6% at 450.85
rupees, Mahanagar Gas  MGAS.NS  falls 12.2% to 1,547.50 rupees
    ** IGAS says there has been around 21% reduction in domestic
gas allocation to co, effective Oct. 16, which will have an
adverse impact on its profitability
    ** MGAS says allocation to co for compressed natural gas
(transport) has been reduced by around 20%, which will impact
profitability
    ** IGAS and MGAS among top pct losers in NIFTY 500 Index
 .NIFTY500  
    ** Relative strength index of IGAS and MGAS falls to 21 and
25, respectively, suggesting these stocks might be oversold
    ** Day's losses trim IGAS' YTD gains to around 8% and MGAS'
YTD gains to around 29%; NIFTY500 up around 20% YTD

 (Reporting by Vijay Malkar)
 ((VijayDattaram.Malkar@thomsonreuters.com;))