Mahanagar Gas Ltd secures increment of 26% additional APM Allocation from GAIL

Mahanagar Gas Ltd. has successfully secured a 26% increase in its allocation of domestic gas at APM prices from GAIL (India) Ltd., effective January 16. Consequently, the allocation for compressed natural gas will rise from 37% to 51%, as stated in an exchange filing by MGL on Thursday.

GAIL also informed Adani Total Gas Ltd. that the allocation of APM gas would be increased by 20% from Jan. 16. Before the announcement, shares of MGL closed 1.45% higher at Rs 1,270.65 apiece on the National Stock Exchange, compared to a 0.69% fall in the benchmark Nifty.

The share price has risen 6.04% in the last 12 months.

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