Mahanagar Gas Limited (MGL) has announced a significant update regarding domestic gas allocation. As per the latest communication from GAIL (India) Limited, the nodal agency for domestic gas allocation, the allocation of domestic gas at the APM price to MGL has increased by 26% effective January 16, 2025. This adjustment raises the allocation for Compressed Natural Gas (CNG) from 37% to 51%.
This notable increase in gas allocation is expected to positively impact MGL’s profitability, enhancing its ability to cater to the growing demand for CNG.
In the exchange filing, the company shared, “As per the communication received from GAIL (India) Limited (the nodal agency for domestic gas allocation), the domestic gas at APM price to Mahanagar Gas Limited (MGL) has been increased by 26% with effect from 16th January 2025, thus increasing allocation for CNG from 37% to 51%.”
In the meantime, Mahanagar Gas shares closed today at ₹1,262.00, marking a slight increase from the opening price of ₹1,255.00. The stock reached a high of ₹1,320.00 during the session and a low of ₹1,252.60. The company’s 52-week high stands at ₹1,988.00, while the 52-week low is ₹1,075.25.
