Indraprastha Gas gains after hiking gas prices

Indraprastha Gas rose 1.54% to Rs 290 at 11:24 IST on BSE on reports the company on Friday, 2 May 2014, raised prices of CNG and PNG, citing rise in input costs.

Meanwhile, the BSE Sensex was 62.27 points, or 0.28%, to 22,466.16.

On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 57,187 shares in the past one quarter.

The stock hit a high of Rs 295.45 and a low of Rs 289 so far during the day. The stock hit a 52-week high of Rs 328.50 on 9 May 2013. The stock hit a 52-week low of Rs 236 on 28 August 2013.

The stock had underperformed the market over the past one month till 2 May 2014, sliding 4.29% compared with the Sensex's 0.65% decline. The scrip had, however, outperformed the market in past one quarter, rising 15.37% as against Sensex's 9.21% rise.

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

After Friday's revision, CNG (gas used as automotive fuel) would cost Rs 38.15 per kg against Rs 35.20 in Delhi. Due to difference in the tax rate, the fuel would cost Rs 43.50 in Noida, Greater Noida and Ghaziabad.

In Delhi, PNG (piped gas in kitchens) would now cost Rs 25.50 per scm (standard cubic metre) against Rs 24.50 per scm up to consumption of 36 scm in two months. Beyond 36 scm in two months, the applicable rate in Delhi would be Rs 48 per scm.

In Noida, Greater Noida and Ghaziabad, PNG would cost Rs 27.30 per scm for consumption of 36 scm in two months, up from Rs 26.20 per scm. Beyond this limit, the rate applicable in these cities would be Rs 48.75 per scm.

Net profit of Indraprastha Gas rose 3.64% to Rs 89.46 crore on 19.86% rise in net sales to Rs 1040.43 crore in Q3 December 2013 over Q3 December 2012.

Indraprastha Gas is the sole supplier of CNG and PNG in Delhi, Noida, Greater Noida and Ghaziabad.

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