Indraprastha Gas (IGL) has received letter of intent dated 04 August 2018 from Petroleum and Natural Gas Regulatory Board (PNGRB) for grant of authorization to the company for development of City Gas Distribution Network in the Geographical Area of Meerut (Except areas already authorized), Muzaffarnagar & Shamli Districts.

The stock had outperformed the market over the past one month till Aug. 03, 2018, rising 23.69% compared with the Sensex's 6.16% rise. It outperformed the market in past one quarter, gaining 12.76% as against 6.99% rise in the Sensex.

Shares of the company declined Rs 4.65, or 1.5%, to trade at Rs 305.55. The total volume of shares traded was 54,138 at the BSE (11.20 a.m., Monday).