IGL appoints Sukhmal Kumar Jain as chairman; stock up 7%

Indraprastha Gas Limited on October 25 said that Sukhmal Kumar Jain has been appointed the company's chairman and additional director, as it also announced "the cessation" of Arun Kumar Singh as the chairman and director of the natural gas distribution firm.

Jain, whose appointment came into effect from October 23,  has held several leadership positions in retail, LPG and gas verticals of BPCL in his 35 years career tenure and has been involved in initiatives like "Give it Up" campaign and Pradhan Mantri Ujjawala Yojana, the company said.

Give it Up was a nationwide campaign launched by Prime Minister Narendra Modi urging consumers who could pay to surrender their LPG subsidy.

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At 13.15 pm, IGL was trading nearly 7 percent up at Rs 409.50 on the National Stock Exchange.

The company posted net sales at Rs 3,922.02 crore in September 2022, up 114.18 percent from Rs. 1,831.19 crore on yearly basis. Quarterly net profit stood at Rs 426.84 crore in September 2022, up 1.96 percent from Rs 418.63 crore a year ago.