Monday, March 24, 2014

RIL, ONGC shares fall on delay in gas price hike

RIL was the biggest loser among Sensex stocks, with its shares falling as much as 3.5%, while ONGC slides 4.5%
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The Election Commission decision will likely delay by at least a few months the revision of the gas price that attracted controversy when it was announced in June last year.
Mumbai: Shares of oil and gas producers fell in early trading on Tuesday after the the Election Commission asked the government to defer a planned hike in gas prices due to start on 1 April.
Reliance Industries Ltd was the biggest loser among Sensex stocks, with its shares falling as much as 3%. State-run Oil and Natural Gas Corp. Ltd fell nearly 4% in early trade on Tuesday.
Meanwhile, shares of gas distributor Indraprastha Gas Ltd gained 0.9%, while Gujarat Gas Co. Ltd was up 2.6%.
Other shares of companies dependant on gas also rose. Tata Power Co. Ltd gained 0.7%, while Chambal Fertilisers and Chemicals Ltd was up 2.5%.
The Election Commission decision will likely delay by at least a few months the revision of the gas price that attracted controversy when it was announced in June last year.
Communist Party of India leader Gurudas Dasgupta and a non-governmental organization have petitioned against the gas-pricing formula approved by a cabinet panel that would have led to a doubling of the gas price from the current $4.2 per million metric British thermal unit (mmBtu) to nearly $8.4/mmBtu with effect from April.
The Aam Aadmi Party (AAP) has also sought a deferment of the gas price hike. AAP leader Arvind Kejriwal had in his short-lived stint as Delhi chief minister ordered a first information report (FIR) against oil minister M. Veerappa Moily, Mukesh Ambani and others for allegedly conspiring to double gas prices. Reuters   Mithilesh chaubey pgdm 2 sem
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