Indraprastha Gas advances after grant of authorization for CGD network

Indraprastha Gas rose 1.89% to Rs 305.20 at 10:19 IST on BSE after the company was granted authorization for development of CGD network in the three geographical areas.

The announcement was made after market hours yesterday, 2 April 2019.

Meanwhile, the S&P BSE Sensex was up 158.29 points, or 0.41% to 39,214.94

On the BSE, 21,000 shares were traded in the counter so far, compared with average daily volumes of 1.02 lakh shares in the past two weeks. The stock had hit a high of Rs 306.40 and a low of Rs 303 so far during the day.

Indraprastha Gas has received three letters dated 29 March 2019 from Petroleum and Natural Gas Regulatory Board (PNGRB) for grant of authorization to the company for development of CGD network in the geographical areas of (i) Kaithal District (ii) Ajmer, Pali and Rajsamand District & (iii) Kanpur (Except area already authorized) District, Fatehpur and Hamirpur Districts.

Indraprastha Gas reported 19.33% rise in net profit to Rs 197.99 crore on 28.82% rise in total income to Rs 1548.74 crore in Q3 December 2018 over Q3 December 2017.

Indraprastha Gas retails CNG to automobiles and piped cooking gas to households in Delhi and adjoining cities of Ghaziabad, Noida and Greater Noida.

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