IGL Shares Jump as CNG Prices Hike by Nearly Rs 4 Per Kg in Delhi-NCR

Indraprastha Gas (IGL) shares rose 3% on Monday after the company increased compressed natural gas (CNG) prices in Delhi-NCR by Rs 3.89 per kg due to higher liquefied natural gas (LNG) import costs.

This is the fifth CNG price hike in Delhi-NCR this year and the first since May, taking CNG prices in Delhi to Rs 86.98 per kg.

IGL's input gas for CNG comes largely from imported LNG, whose rates have increased significantly due to the conflict in the Middle East earlier this year.

Citi maintained its 'Buy' call on IGL shares with a target price of Rs 180 per share, implying nearly 22% upside potential from the current price of around Rs 150 apiece.