Indraprastha Gas hits record high

Indraprastha Gas rose 5.88% to Rs 772 at 10:45 IST on BSE, with the stock extending previous session's gains triggered by the company reporting good Q1 results.

Meanwhile, the BSE Sensex was down 1.94 points, or 0.01%, to 27,983.60.

More than usual volumes exchanged hands at the counter. On BSE, so far 3.42 lakh shares were traded in the counter, compared with an average volume of 61,816 shares in the past one quarter. The stock hit a high of Rs 786.10 so far during the day, which is also a record high for the stock. The stock hit a low of Rs 735.30 so far during the day. The stock hit a 52-week low of Rs 433.40 on 25 August 2015. The stock had outperformed the market over the past one month till 22 August 2016, gaining 17.81% compared with the Sensex's 0.66% rise. The scrip had also outperformed the market in past one quarter, rising 27.79% as against the Sensex's 10.61% rise.

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

Shares of Indraprastha Gas rose 4.29% to settle at Rs 729.15 yesterday, 22 August 2016 after the company announced during market hours yesterday, 22 August 2016 that its net profit rose 44.38% to Rs 148.01 crore on 0.03% rise in total income to Rs 907.69 crore in Q1 June 2016 over Q1 June 2015.

Indraprastha Gas said that the net profit is higher in Q1 June 2016 in view of higher sales volumes/realizations, reduction in interest cost and higher other income compared with Q1 June 2015, which had witnessed negative growth in net profit. The earning per share was Rs 10.57 in Q1 June 2016 against Rs 7.32 in Q1 June 2015. The lower growth in sales turnover is due to reduction is selling prices of both CNG and PNG in view of lower input gas cost.

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

Powered by Capital Market - Live News