Saturday , September 25 2021

Indraprastha Gas shines on signing long term gas supply agreement with DTC

Indraprastha Gas is currently trading at Rs. 521.00, up by 10.20 points or 2.00% from its previous closing of Rs. 510.80 on the BSE.

The scrip opened at Rs. 518.00 and has touched a high and low of Rs. 525.00 and Rs. 515.70 respectively. So far 44581 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 594.85 on 18-Feb-2021 and a 52 week low of Rs. 364.30 on 13-Oct-2020.

Last one week high and low of the scrip stood at Rs. 525.00 and Rs. 497.25 respectively. The current market cap of the company is Rs. 36459.54 crore.

The promoters holding in the company stood at 45.00%, while Institutions and Non-Institutions held 44.30% and 10.70% respectively.

Indraprastha Gas (IGL) has signed a long term gas supply agreement with Delhi Transport Corporation (DTC), to supply CNG for a period of ten years till December 2030. OTC is the largest CNG-powered bus service operator in the world with a fleet size of 3762 buses at present and is also in the process for procurement of 1000 new CNG buses which would shortly be plying on the roads of the national capital. OTC consumes around 2.80 lakh kgs of CNG per day for its buses which constitutes around 11% of daily CNG sale of IGL. The consumption of CNG is expected to increase further after the addition of new buses.

Earlier in 2010, IGL had signed the long term Gas Supply Agreement with OTC to supply CNG. As a part of the agreement, dedicated CNG filling facilities have been set up at 44 depots of OTC across Delhi and Naida to cater the fleet of OTC buses being used for public transport with a total compression capacity of 10 lakh kgs per day.

Indraprastha Gas is in the business of city gas distribution presently operating in the National Capital Territory of Delhi including adjoining areas of Noida, Greater Noida, Ghaziabad, Gurugram, Meerut (except area already authorised), Shamli, Muzaffarnagar, Karnal and Rewari.

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