Indraprastha Gas gains as govt defers gas price hike

Reuters Posted online: Thursday, Jun 26, 2014 at 0000 hrs
Shares in India's Indraprastha Gas Ltd rebounded after falling as much as 2 percent 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.