Mahanagar Gas English news | Mahanagar Gas, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

Shares of Mahanagar Gas, the leading city gas distributor in Mumbai and surrounding areas, tumbled 16.2% to ₹1,305 apiece in today's intraday trade, reaching a 6-week low. This sharp decline was triggered by a rating downgrade from 'Buy' to 'Sell' by the global brokerage firm Citi. The brokerage also lowered the target price from ₹1,480 to ₹1,405 apiece, citing concerns about the drop in margins. This adjustment followed remarks made by Oil Minister Hardeep Singh Puri during an industry meeting. Puri noted that the government's efforts towards natural gas reforms haven't effectively reached end customers, as indicated by the robust financial performance of city gas distributors. Mahanagar Gas shares are trading at 13 times financial year 2026 price-to-earnings estimates based on an Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA).Mahanagar Gas cut prices of Compressed Natural Gas (CNG) by ₹2.5 per kilogram in Mumbai. The company cited a reduction in natural gas prices and revised CNG prices to ₹73.5 per kilogram. This comes as Gujarat Gas reduced prices in the industrial segment last week due to a fall in spot LNG prices. The government has set an objective to invest $67 billion in the natural gas sector in the next six years in order to provide natural gas to the end consumer at a stable price. Over the last few years, the government has been providing support through policy and a regulatory framework for the promotion of natural gas in the country. The government expects that these measures will lead to a three-fold increase in natural gas consumption, i.e., from 185 MMSCMD to 500 MMSCMD by 2030, and also help in promoting ancillary industries dependent on natural gas.The government has delinked Indian gas prices from four international hubs based in US, Canada, UK, and Russia and aligned them to the Indian crude basket.

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