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IGL - Indraprastha Gas News Story

₹505.05 7.0  1.4%

Last Trade - 9:16am

Sector
Utilities
Size
Large Cap
Market Cap £3.38bn
Enterprise Value £3.15bn
Revenue £527.7m
Position in Universe 108th / 3109

BUZZ-Indraprastha Gas falls over 5% on near-term CNG outlook

Thu 18th June, 2020 8:43am
** Shares of gas distribution co  IGAS.NS  fall as much as
5.25% to 449.25 rupees - biggest intraday pct drop since Mar. 30
    ** Co reported 12% surge in March-quarter profit on
Wednesday, helped by lower gas prices  urn:newsml:reuters.com:*:nFWN2DU089
    ** Q4 total and compressed natural gas (CNG) volumes fell 1%
each
    ** CNG volume is currently not even at 50% of normal level,
volume is expected to remain low over next 5-6 months before
normalcy returns - Motilal Oswal
    ** Co's volume growth disappointed, with CNG falling into
negative territory after more than five years; extended lockdown
in Delhi due to COVID-19 continues to threaten FY21 volume
outlook - BOB Capital Markets
    ** Co valuations seem to be running ahead of fundamentals
and not factoring in near-term volume concerns - BOB Capital
Markets
    ** IGAS shares up 10.74% so far this year, as of last close
    ** Fourteen of 29 analysts tracking stock rate it 'buy or
strong buy'; 10 'sell or strong sell' and 5 hold

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
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