IGL

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Indraprastha Gas Limited (IGL), which operates CNG stations across the Delhi-NCR, has decided to decrease the prices of CNG in the region from Sunday

The government kept domestic gas prices unchanged at $8.6/mmBtu on a provisional basis from April 2023 to September 2023

Genesis, an arm of Vikas Lifecare Limited (VLF), has inked a pact with Indraprastha Gas Limited (IGL) to set up a meter manufacturing plant at an estimated cost of Rs 110 crore. The unit will be set up through a joint venture company, VLF said in a statement on Monday. Genesis Gas Solutions Pvt Ltd (Genesis) has entered into a JV agreement with IGL to set up a smart meter manufacturing plant with a capex of Rs 110 crore, it added. "The unit will manufacture diaphragm gas meters equipped with IoT technologies like LoRa, LoRaWAN, Bluetooth, NFC, NB-IoT etc.," the statement said. Initially, the smart meter plant will have an installed capacity to manufacture one million meters annually. In the JV, IGL and Genesis will have equity participation in the ratio of 51:49. The unit is expected to be operational by April 2024. Vikas Garg, Chairman of Vikas Group & Director Genesis, said the JV will be a game changer. It will also aim to tap the demand in the international market, besides .

Indraprastha Gas Ltd, the firm that retails CNG and piped cooking gas in the national capital and other cities, reported 11 per cent drop in third quarter net profit after it held retail prices despite rise in input cost. Consolidated net profit of Rs 334.06 crore in October-December 2022 is compared with Rs 374.76 crore a year back, according to the company's filing with stock exchanges. The firm saw more than doubling of the cost it incurs on procuring natural gas, which is converted into CNG for sale to automobiles and piped to household kitchens for cooking purposes. Revenue from operations soared to Rs 4,089.03 crore in the third quarter of current fiscal year from Rs 2,438.48 crore in the year-ago period. "For the quarter ending December 2022, IGL registered an overall sales volume growth of 6 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 7.66 million standard cubic meters to 8.12 million standard cubic meters per day,"

The S&P BSE Oil & Gas index hit a 52-week high of 20,653.57 in intra-day trade on Wednesday

Barring Gujarat Gas, other gas related stocks like Reliance, ONGC, MGL, IGL are poised for the next upside

Indraprastha Gas Ltd, which retails CNG and piped cooking gas in the national capital and adjoining cities, reported a 4 per cent rise in its September quarter net profit as rise in input natural gas prices hurt margins. The net profit stood at Rs 416.15 crore in July-September compared with Rs 400.54 crore in the same period a year back, the company said in a statement. Revenue almost doubled to Rs 3,922.02 crore in the second quarter of fiscal year starting April 1 against Rs 2,015.99 crore revenue in the year ago period. Gas prices have doubled since Russia invaded Ukraine. IGL's expense on purchase of natural gas soared from Rs 929.97 crore in July-September 2021 to Rs 2,610.03 crore in the current year. The firm registered an overall sales volume growth of 12 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 7.24 million standard cubic metres per day (mmscmd) to 8.09 mmscmd. Product wise, CNG recorded sales volume growth of

The central government's decision to increase the domestic APM gas price will negate the benefit of increased APM gas allocation to CNG players, Jefferies said in a report

Shares of gas distribution companies have being in focus on expectations of rise in demand, coupled with a favourable outcome from the Kirit Parikh report.

Analysts expects overall gas demand from the CNG and DPNG sectors to grow at 15.7 per cent CAGR over FY22-27 supported by aggressive expansion in infrastructure.

GAIL has come under pressure since it is not receiving contracted liquefied natural gas (LNG) cargoes and it is being forced to buy LNG at much higher prices

The Oil Ministry has directed to divert natural gas from industries to city distribution companies to cool-off the elevated domestic gas prices

With the latest hike, CNG is now priced at Rs 73.61 per kg in Delhi, Rs 76.17 per kg in Noida, and Rs 81.94 in Gurugram

On the cost front, CGD companies are expected to incur high gas sourcing costs as spot liquefied natural gas (LNG) prices continue to remain at elevated levels.

Earlier, on March 24, the PNG price was increased by Rs 1/SCM

IGL, Gujarat Gas and MGL have seen profitability contract in Q3

Indraprastha Gas Ltd, the firm that retails CNG in the national capital and adjoining cities, on Tuesday reported 30 per cent jump in its second quarter net profit on the back of higher sales volumes.

India's capital market regulator is unlikely to give exemption to the company acquiring BPCL from making mandatory open offers for Petronet LNG Ltd and Indraprastha Gas

62 new CNG stations were set up during this period to take the total number of CNG stations set up by IGL in the national capital and adjoining cities to 612.