IGL, MGL, ADANI TOTAL GAS RISE UP TO 3.5% AS GOVT APPROVES INCENTIVE SCHEME TO BOOST DOMESTIC PNG CONNECTIONS

Shares of major city gas distributors gained after the government announced incentives to accelerate household PNG connections. Indraprastha Gas, Mahanagar Gas and Adani Total Gas rose 3.5%, 3.3% and 2.2%, respectively. From September, CGD companies will get an additional 200 SCM of cheaper domestic gas for every new household PNG customer who starts using and paying for the service. The move is aimed at reducing LPG import dependence, lowering costs and speeding up investment recovery, while initiatives like National PNG Drive 2.0 will further promote PNG adoption.