Indraprastha Gas logo

IGL - Indraprastha Gas News Story

₹542.5 16.7  3.2%

Last Trade - 09/04/21

Large Cap
Market Cap £3.71bn
Enterprise Value £3.47bn
Revenue £531.2m
Position in Universe 104th / 3106

BUZZ-India's Indraprastha Gas jumps as strong volumes drive profit growth

Mon 27th May, 2019 8:45am
** Shares of Indraprastha Gas Ltd  IGAS.NS  rise 8% to 339.3
rupees, highest since Jan 2018
    ** March-qtr profit rose ~29% to 2.26 bln rupees ($32.55
mln), beating analysts' estimates for profit of 2.05 bln rupees,
city gas distributor said after market hours on Friday*:nFWN2300CN
    ** Q4 overall sales volume jumped 17% YoY
    ** At a time when gas prices were relatively high vs.
alternative fuels, the sales growth "significantly strengthens
our conviction in the Indian gas story as focus on pollution and
gas infrastructure rises" - Morgan Stanley in May 26 note
    ** Maintains 'overweight' with TP of 351 rupees; stock top
pick in South Asian gas utilities - MS
    ** Citi raises TP to 380 rupees from 365 rupees, rating
    ** Gujarat Gas Ltd  GGAS.NS  posted a 77% jump in qtrly net
profit after tax earlier this month 
    ** ~6.9 mln shares of Indraprastha Gas change hands, vs
30-day avg of 1.3 mln shares
    ** Indraprastha Gas shares mark sharpest intraday jump since
Nov 2018; stock up 17.5% this year as of last close

($1 = 69.4300 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((; +91-80-6749-8695; Reuters
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