IGL, MGL, Adani Total rally up to 6% on PNG incentive scheme approval
At intraday, Mahanagar Gas was up 5.5 per cent, Indraprastha Gas was up 5.3 per cent and Adani Total Gas was up 4.9 per cent
 "IGL, MGL, Adani Total rally up to 6% on PNG incentive scheme approval")
Shares of leading gas distributors, including Indraprastha Gas (IGL), Mahanagar Gas (MGL) and Adani Total Gas, were trading higher on Wednesday, August 19, after the government approved an incentive scheme to promote domestic piped natural gas (PNG) connections, aimed at accelerating the expansion of clean and affordable piped cooking gas to households across the country.
Around 10:20 AM, shares of Indraprastha Gas were trading ₹5.41 per cent higher at ₹154.80, Adani Total Gas jumped 2.25 per cent to ₹661.85, and Mahanagar Gas shares gained 3.60 per cent to ₹1,150.30 per share. In comparison, the benchmark NSE Nifty50 index was quoting at 24,066 levels, down by 0.37 per cent.
At intraday, Mahanagar Gas was up 5.5 per cent, Indraprastha Gas was up 5.3 per cent and Adani Total Gas was up 4.9 per cent.
Vipin Kumar, AVP research at Globe Capital Market, noted that gas distribution companies are trading mixed following the government’s approval of incentive schemes aimed at expanding domestic piped natural gas (PNG) connections. Among the key players, ATGL and MGL are entering a constructive chart structure, while IGL and Gujarat Gas continue to trade in bearish formations. “Therefore, we suggest traders wait for clearer price patterns and confirmation of a trend reversal before initiating fresh positions in this space,” he added.
The scheme will come into effect from September 1, 2026, and is aimed at encouraging city gas distribution (CGD) companies to activate unbilled connections and expand PNG networks into new areas, the government said.
Under the scheme, eligible city gas distribution (CGD) companies will receive an additional allocation of 200 standard cubic metres (SCM) of lower-priced, domestically produced APM gas for every incremental billed domestic PNG connection above the threshold set for their respective geographical areas.
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