A Tale of Two Cities: MGL continues to post robust volume growth, while IGL faces stagnation in its core Delhi market MoPNG has cut APM allocation for CGD entities and accordingly revised domestic gas allocation for MGL and IGL is ~18% and ~20% lower than previous allocation. The shortfall will be met by New Well Gas which is Brent linked. We believe sourcing cost post de-allocation may not increase significantly due to softening Brent and LNG prices, and with price hikes undertaken by both the companies in April, the impact may not be detrimental. We re-iterate positive...