IGL rises on PNGRB nod for setting CGD network in 3 districts of UP

Indraprastha Gas (IGL) advanced 1.83% to Rs 401 after the company announced the receipt of PNGRB approval for setting up CGD network in Banda, Chitrakoot and Mahoba districts in the state of Uttar Pradesh (UP).

In a regulatory filing made after market hours yesterday, the city gas distributor said that it has received a letter from the Petroleum and Natural Gas Regulatory Board (PNGRB) granting authorization to the company for the development of city gas distribution (CGD) network in the geographical areas of Banda, Chitrakoot and Mahoba districts.

On March 11, IGL had announced the receipt of a letter of intent from the PNGRB, granting authorization to the company for development of CGD network in the aforementioned geographical areas in the state of Uttar Pradesh.

Under the PNGRB Act 2006, PNGRB grants the authorization to the entities for developing city gas distribution (CGD) networks (including PNG networks) in a specified geographical area (GA) of the country.

Indraprastha Gas is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel. As on 31 December 2021, GAIL (India) and BPCL held 22.5% stake each in the company.

The company posted an 8% fall in standalone net profit to Rs 308.52 crore in Q3 FY22 from Rs 334.87 crore registered in Q3 FY21. Net sales jumped 53.2% to Rs 2,215.46 crore in Q3 FY22 from Rs 1,466 crore reported in Q3 FY21.

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