MGL, IGL plunge up to 20% as govt reduces APM gas allocation to CGDs again

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MGL, IGL plunge up to 20% as govt reduces APM gas allocation to CGDs again - Business Standard

Quick Summary:

Motilal Oswal Financial Services believe that IGL shall be affected the most by this significant reduction in the domestic gas allocation, followed by MGL and then Gujarat Gas.

IGL further said that it gets domestic gas allocation for meeting the requirement of CNG sales volumes at the pricing fixed by the government (presently at $6.5/mmbtu).

The brokerage firm had recently cut its EBITDA/scm estimates across CGD companies to account for the previous de-allocation, which was applicable from October 16, 2024, onwards.