GAIL reduces domestic gas allocation to Indraprastha Gas Limited

Indraprastha Gas Limited gets domestic gas allocation for meeting the requirement of CNG sales volumes at the pricing fixed by the Govt. (presently at $6.5/mmbtu). Based on communication received by the Company from GAIL (India) Ltd. (the nodal agency for domestic gas allocation), this is to inform that there has been a major reduction in domestic gas allocation to the Company effective from October 16, 2024. The revised domestic gas allocation to Company is approx. 21% lesser than previous allocation which will have an adverse impact on profitability of the Company. The Company is in discussion with key stakeholders to minimize the impact.

Shares of Indraprastha Gas Limited was last trading in BSE at Rs. 504.40 as compared to the previous close of Rs. 517.50. The total number of shares traded during the day was 36901 in over 1550 trades.

The stock hit an intraday high of Rs. 519.00 and intraday low of 502.85. The net turnover during the day was Rs. 18846630.00.

Source : Equity Bulls

Keywords

IndraprasthaGas INE203G01027 Allocation Reduction DomesticGas GAILIndia