{"id":128279,"date":"2024-07-10T16:32:37","date_gmt":"2024-07-10T11:02:37","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=128279"},"modified":"2024-07-10T16:37:23","modified_gmt":"2024-07-10T11:07:23","slug":"gas-stocks-jump-up-to-4-after-reports-of-govt-to-likely-cut-tax-on-cng","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/gas-stocks-jump-up-to-4-after-reports-of-govt-to-likely-cut-tax-on-cng\/","title":{"rendered":"Gas stocks jump up to 4% after reports of Govt to likely cut tax on CNG"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-614826737\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Union Finance Minister Nirmala Sitharaman is set to present the entire Union Budget for the fiscal year 2024-2025 on 23rd July. Taxpayers are keenly anticipating potential tax rate cuts and higher exemption limits.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-760747060\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>In response to reports speculating on the budget, shares of many city gas distributors experienced a rise. The Indian government may likely reduce central excise duty on compressed natural gas (CNG) to a range of 5-7 percent from the current 14 percent.&nbsp;<\/p><p>This potential adjustment, tailored to various geographical retail price points, is expected to provide significant relief.&nbsp;<\/p><p>If it is passed on to consumers, it would provide substantial relief and widen the price gap between CNG as compared to diesel or petrol. This could potentially encourage more savings for consumers opting for CNG vehicles.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-475600324\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p><strong>Following are a few gas stocks that experienced fluctuations in their share prices in response to reports suggesting potential tax cuts on CNG:&nbsp;<\/strong><\/p><h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/IGL\/standalone\" target=\"_blank\" rel=\"noreferrer noopener\">Indraprastha Gas Limited<\/a>&nbsp;<\/strong><\/h3><p>With a market cap of Rs. 36,977.5 crore, the shares of India\u2019s leading City Gas Distribution company grew by 3.4 percent to hit an intraday high at Rs. 540 on Wednesday, compared to its previous closing price of Rs. 522.25.&nbsp;<\/p><p>Financially, the company experienced a fall in its revenue from operations, showing a year-on-year decline of 2.4 percent from Rs. 4,061.6 crore in Q4 FY22-23 to Rs. 3,964.4 crore in Q4 FY23-24.&nbsp;<\/p><p>However, its after-tax profit increased during the same period from Rs. 397.5 crore to Rs. 433.3 crore, indicating a rise of 9 percent.&nbsp;<\/p><p>Over the past year, the stock has delivered positive returns of nearly 9.3 percent and so far in 2024, it has also shown gains of around 25.6 percent.&nbsp;<\/p><p>Incorporated in 1998, Indraprastha Gas Limited is a joint venture (JV) between GAIL (India) Ltd. and Bharat Petroleum Corporation Ltd. and is in the business of City Gas Distribution.&nbsp;<\/p><div class=\"trade-content-10\" id=\"trade-1121018193\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/MGL\/standalone\" target=\"_blank\" rel=\"noreferrer noopener\">Mahanagar Gas Limited<\/a>&nbsp;<\/strong><\/h3><p>With a market cap of Rs. 16,911.7 crore, the shares of an India-based natural gas distribution company grew by 4.4 percent to hit an intraday high at Rs. 1,736.75 on Wednesday, compared to its previous closing price of Rs. 1,662.75.&nbsp;<\/p><p>Financially, the company experienced a fall in its revenue from operations, showing a year-on-year decline of 3 percent from Rs. 1,771.8 crore in Q4 FY22-23 to Rs. 1,719.06 crore in Q4 FY23-24.\u00a0.<\/p><h3 class=\"wp-block-heading\"><strong>Also read<\/strong><\/h3><figure class=\"wp-block-embed is-type-wp-embed is-provider-trade-brains wp-block-embed-trade-brains\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"9XEFuB0Tp7\"><a href=\"https:\/\/tradebrains.in\/features\/insurance-stocks-jump-up-to-5-after-companies-likely-to-hike-premium-rates\/\">Insurance stocks jump up to 5% after companies likely to hike premium rates\u00a0<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Insurance stocks jump up to 5% after companies likely to hike premium rates\u00a0&#8221; &#8212; Trade Brains\" src=\"https:\/\/tradebrains.in\/features\/insurance-stocks-jump-up-to-5-after-companies-likely-to-hike-premium-rates\/embed\/#?secret=JlhuadC6Dz#?secret=9XEFuB0Tp7\" data-secret=\"9XEFuB0Tp7\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure><p>Similarly, its after-tax profit decreased marginally during the same period from Rs. 268.8 crore to Rs. 265 crore, indicating a decline of 1.4 percent.&nbsp;<\/p><p>Over the past year, the stock has delivered positive returns of nearly 55.7 percent and so far in 2024, it has also shown gains of around 42.2 percent.&nbsp;<\/p><p>Incorporated in 1995, Mahanagar Gas Limited is the sole authorised distributor of compressed natural gas (CNG) for use in motor vehicles and piped natural gas (PNG) for domestic households as well as for commercial and industrial use in Mumbai.&nbsp;<\/p><h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/GUJGASLTD\/standalone\" target=\"_blank\" rel=\"noreferrer noopener\">Gujarat Gas Limited<\/a>&nbsp;<\/strong><\/h3><p>With a market cap of Rs. 44,769.4 crore, the stock grew by 2 percent to hit an intraday high at Rs. 662.75 on Wednesday, compared to its previous closing price of Rs. 649.75.&nbsp;<\/p><p>Financially, the company experienced significant growth in its revenue from operations, showing a year-on-year rise of 5.4 percent from Rs. 4,073.8 crore in Q4 FY22-23 to Rs. 4,293.8 crore in Q4 FY23-24.&nbsp;<\/p><p>Similarly, its after-tax profit increased during the same period from Rs. 370.5 crore to Rs. 410.5 crore, indicating a rise of 10.8 percent.&nbsp;<\/p><p>Over the past year, the stock has delivered positive returns of nearly 36.7 percent and so far in 2024, it has also shown gains of around 34.4 percent.&nbsp;<\/p><p>Gujarat Gas Limited, formerly known as GSPC Distribution Networks Limited, is engaged in Natural Gas Business in India, that involves the distribution of gas from sources of supply to centres of demand and to the end customers.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Shivani Singh<\/strong><\/p><\/blockquote><h3 class=\"wp-block-heading\"><strong>Disclaimer<\/strong><\/h3><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-2696707035\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Union Finance Minister Nirmala Sitharaman is set to present the entire Union Budget for the fiscal year 2024-2025 on 23rd July. Taxpayers are keenly anticipating potential tax rate cuts and higher exemption limits.&nbsp; In response to reports speculating on the budget, shares of many city gas distributors experienced a rise. The Indian government may likely [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":32834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[14468,12215,8095,948,936],"class_list":["post-128279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-gujarat-gas-share-price","tag-indraprastha-gas-share-price","tag-mahanagar-gas-share-price","tag-stock-market","tag-stock-market-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gas stocks jump up to 4% after reports of Govt to likely cut tax on CNG - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Union Finance Minister Nirmala Sitharaman is set to present the entire Union Budget for the fiscal year 2024-2025 on 23rd July. 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