Indraprastha Gas to lay distribution network in Meerut, Muzaffarnagar

The company will develop City Gas Distribution (CGD) network in these areas as per the authorization given by the Petroleum and Natural Gas Regulatory Board (PNGRB).

As per the order from the PNGRB, Indraprastha Gas Limited (IGL) will build and operate local natural gas distribution networks in the Meerut region (excludes already authorized areas) Muzaffarnagar and Sham Ii districts.

IGL was formerly known as Gas Authority of India Limited. The company provides compressed natural gas (CNG) and piped natural gas (PNG) in and around Delhi including adjoining cities of Noida, Greater Noida and Ghaziabad.

During the first quarter of FY19, Indraprastha Gas registered Rs. 175.89 crore net profit, which is a rise of 9.07 per cent compared to Rs. 161.26 crore net profit reported for the corresponding quarter of FY18.

On Monday, the stock of Indraprastha Gas was trading in-line with the market, although it resisted the downfall experienced by the benchmarks. The stock opened at Rs. 273.90 per share and closed at Rs. 271.25, down by 0.28 per cent. The share hit an intraday high/low of Rs. 277.45/266.05. The benchmark index BSE Sensex sank 505.13 points to close at 37,585.51, down 1.33 per cent.