Indraprastha Gas gains on hike in gas supply from GAIL (India)

Indraprastha Gas rose 1.96% to Rs 374.10 at 11:07 IST on BSE after petroleum ministry issued notification that GAIL (India) could supply gas 10% above the company's current allocation to gas distribution firms.

Meanwhile, the S&P BSE Sensex was up 102.23 points or 0.39% at 26,416.52.

On BSE, so far 38,000 shares were traded in the counter as against average daily volume of 36,000 shares in the past two weeks.

The stock hit a high of Rs 376.50 and a low of Rs 371 so far during the day.

The petroleum ministry on Wednesday, 20 August 2014 notified that GAIL (India) could supply gas 10% over and above 100% requirement of CNG (transport) and PNG (domestic) of individual city gas distribution (CGD) entity calculated as per the last half yearly consumption. GAIL (India) will accordingly divert domestic gas (except NELP gas) from non-priority sector by applying prorata cuts to meet the above requirement of CNG (transport) and PNG (domestic) of individual CGD entities, the notification said. Shares of Indraprastha Gas had risen 1.91% to settle at Rs 366.90 on Wednesday, 20 August 2014.

Indraprastha Gas's net profit jumped 30.2% to Rs 114.03 crore on 3.6% decline in net sales to Rs 867.18 crore in Q1 June 2014 over Q1 June 2013.

Indraprastha Gas is the sole supplier of CNG and PNG in Delhi, Noida, Greater Noida and Ghaziabad.

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