Indraprastha Gas firms up as brokerage maintains buy rating

Indraprastha Gas rose 2.83% to Rs 1,297.55 at 10:49 IST on BSE on reports a foreign brokerage maintained its 'Buy' rating on the stock with price target of Rs 1,390.

Meanwhile, the S&P BSE Sensex was up 85.71 points, or 0.27% to 31,787.96.

On the BSE, 33,000 shares were traded in the counter so far, compared with average daily volumes of 23,394 shares in the past one quarter. The stock had hit a high of Rs 1,317.75 and a low of Rs 1,276.10 so far during the day. The stock hit a record high of Rs 1,350 on 16 August 2017. The stock hit a 52-week low of Rs 740.30 on 19 September 2016.

The stock had outperformed the market over the past one month till 4 September 2017, rising 6.73% compared with 1.93% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.17% as against Sensex's 1.64% rise. The scrip had also out performed the market in past one year, rising 59.69% as against Sensex's 11.11% rise.

The large-cap company has equity capital of Rs 140 crore. Face value per share is Rs 10.

Meanwhile, media reports suggested that the eighth round of gas bidding license for gas distribution in Karnal, Haryana is set to go to Indraprastha Gas (IGL). License will be awarded in the next month when new members are likely to be appointed to the Petroleum & Natural Gas Regulatory Board. Compared with other bidders, IGL submitted highest performance bond of Rs 306 crore for Karnal, reports added.

Net profit of Indraprastha Gas rose 8.95% to Rs 161.26 crore on 16.62% rise in net sales to Rs 1049.22 crore in Q1 June 2017 over Q1 June 2016.

Indraprastha Gas retails CNG to automobiles and piped cooking gas to households in Delhi and adjoining cities of Ghaziabad, Noida and Greater Noida.

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