The transportation and passenger mobility segments were hit the hardest by lockdowns. Therefore, city gas distribution (CGD) sector’s domestic gas volumes declined by 12 percent month-on-month to 15.2 million metric standard cubic metres per day (MMSCMD) in April, according to investment information firm ICRA.

This remains higher than the consumption of 4.2 MMSCMD in April last year.

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As the Covid-19 wave intensified and more states imposed lockdowns, CNG volumes declined further last month. ICRA said that while the lockdowns have resulted in reduced industrial activity, the impact has not been as severe as in 2020.

With volumes remaining roughly stagnant since February, the drop in regasified liquefied natural gas (RLNG) consumption for CGD entities remained lower than that of domestic gas.

About 49 percent of gas required by CGD sector is sourced from RLNG imports.

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ICRA on resolutions in bankruptcy cases

According to ICRA, Financial creditors could realise Rs 55,000-60,000 crore in FY22 from cases in the bankruptcy court, driven by the expected resolution of a large housing finance company. It added that the second wave of Covid-19 could again delay resolutions and increase haircuts.

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In FY21, the realisation for financial creditors from the resolutions under the Insolvency and Bankruptcy Code (IBC) 2016 declined significantly with a total resolution amount of Rs 26,000 crore. This resolution amount is almost a quarter of the realisations in the previous fiscal year.