 "Indraprastha Gas gains on good Q2 results")
Indraprastha Gas (IGL) rallied 5% to Rs 865 on BSE in early morning trade after the company reported a healthy 41% year on year (YoY) jump in standalone net profit at Rs 144 crore for the quarter ended September 30, 2016 (Q2FY17). The company had posted a profit of Rs 102 crore in the same quarter last year.
Higher sales volumes/realizations, reduction in interest cost and higher other income helped the company to report strong profit growth during the quarter.
The company said total gross sales remain flat at Rs 1,067 crore because of reduction in selling prices of compressed natural gas (CNG) due to reduction in input gas cost and also piped natural gas (PNG) - industrial & commercial selling prices were reduced w.e.f. January, 2016 in view of reduction of long term (regasified liquefied natural gas) RLNG prices.
The board has declared interim dividend of Rs 3.5 per equity share of Rs 10 each (i.e. 35%) on the equity shares of the company for the financial year 2016-17.
At 09:41 am, the stock was up 4% at Rs 856 on BSE, as compared to 0.32% rise in S&P BSE Sensex. A combined 621,497 shares changed hands on the counter on BSE and NSE so far.
Higher sales volumes/realizations, reduction in interest cost and higher other income helped the company to report strong profit growth during the quarter.
The company said total gross sales remain flat at Rs 1,067 crore because of reduction in selling prices of compressed natural gas (CNG) due to reduction in input gas cost and also piped natural gas (PNG) - industrial & commercial selling prices were reduced w.e.f. January, 2016 in view of reduction of long term (regasified liquefied natural gas) RLNG prices.
The board has declared interim dividend of Rs 3.5 per equity share of Rs 10 each (i.e. 35%) on the equity shares of the company for the financial year 2016-17.
At 09:41 am, the stock was up 4% at Rs 856 on BSE, as compared to 0.32% rise in S&P BSE Sensex. A combined 621,497 shares changed hands on the counter on BSE and NSE so far.
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