City gas distributor stocks gain up to 9% post March quarter results

At 10:00 am; CGD stocks were up in the range of 4 per cent to 7 per cent, as compared to 0.43 per cent decline in the S&P BSE Sensex.

Shares of city gas distribution (CGD) companies Gujarat Gas Company, Mahanagar Gas (MGL) and Indraprashta Gas (IGL) rallied up to 9 per cent on the BSE in Wednesday’s intra-day trade after the companies reported better-than-expected results for the quarter ended March 2022 (Q4FY22).

Among individual stocks, Gujarat Gas surged 9 per cent to Rs 554.25 after it registered a 28 per cent growth in its consolidated net profit of Rs 444 crore in Q4FY22 as against Rs 348 crore for Q4FY21, whereas, total consolidated income grew by 36 per cent year-on-year (YoY) to Rs 4,791 crore as compared to