IGL shares surges 4% as GAIL raises domestic gas allocation by 31%
Indraprastha Gas is a prominent player in gas transmission and experienced a notable increase of 3.77% in its stock price on January 9, 2025.
IGL shares surges 4% as GAIL raises domestic gas allocation by 31%
City Gas Distributor, Indraprastha Gas Ltd has announced that domestic gas allocation to the company has been revised by 31% upwards with effect from 16th January 2025 which ultimately increases the share of Domestic Gas in the CNG Segment from 37% to 51%.
As per the communication received from GAIL (India) Limited (the nodal agency for domestic gas allocation), this is to inform that the domestic gas allocations to IGL (the Company) have been revised upwards by 31 % with effect from 16th January 2025 increasing the share of Domestic Gas in CNG Segment from 37% to 51%, as per the exchange filing made.
The Company has also tied up additional RLNG volumes on Term Basis at competitive prices, with one of the major suppliers (around 1.0 MMSCMD). The above revision and signing of additional volumes shall have a positive impact on the profitability of the Company, it added.
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Indraprastha Gas is a prominent player in gas transmission and experienced a notable increase of 3.77% in its stock price on January 9, 2025. The stock reached an intraday high of Rs 424.8, reflecting a gain of 4.21% during the trading session.
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