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Shares of city gas distribution companies, including IGL and MGL, plummeted over 10% on November 18 following a 20% cut in Administered Price Mechanism (APM) gas allocation for the second consecutive month. IGL reported a 20% reduction in allocation, while MGL faced an 18% cut, impacting profitability. The company is actively seeking solutions, including potential gas price increases to mitigate the adverse effects.
The Q2 earnings season for FY25 is underway, with major companies like Apollo Hospitals, Kansai Nerolac Paints, and Trident set to release their results. While many firms have reported, the overall corporate earnings scorecard has been weak, with only 62% meeting or exceeding profit expectations, particularly in the consumption sector. Notably, GAIL's earnings missed expectations due to lower gas trading margins, while Power Grid's profit remained flat year-on-year.
Gujarat Gas Limited
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city gas distribution shares plunge as government cuts gas allocation again
04:16 18.11.2024
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