IGL soaring above 5%; makes new 52 week high

Indraprastha Gas, the only retailer of CNG in national capital region, disclosed a 44 percent hike in its June quarter net profit owing to the rise in gas sales and lower interest cost. Net profit in April-June was seen at Rs 147.72 crore, or Rs 10.57 a share, was higher than Rs 102.32 crore, or Rs 7.32 per share, in the corresponding period a year ago, as per the company. IGL volume grew 13 percent to 4.34 million standard cubic meters per day against 3.83 mmscmd a year ago. According to the statement provided by the company, on terms of product, CNG recorded sales volume growth accounting to 10 percent, but piped natural gas (sold to households for cooking purpose) noted sales volume growth of 17 percent in the quarter against last year.

Nonetheless total sales were, lower at Rs 995 crore in April-June versus Rs 992 crore in the first quarter of 2015-16 fiscal because of reduction in selling prices of both CNG and piped natural gas throughout the year in view of lower gas cost. The net profit shot up due to higher sales volumes/net realisations, reduction in interest cost and higher other income. The Q1 numbers have been sorted as per the Indian Accounting Standards (Ind AS), adopted from April 1, 2016. IGL sells CNG to approximately 8 lakh vehicles in Delhi and nearby towns of Noida, Ghaziabad and Greater Nodia through a network of over 400 CNG stations. IGL is supplying piped natural gas to over 6.62 lakh households in Delhi and NCR towns.

As per the data on 23^rd August IGL share price is trading at a rise of 5.26% at Rs. 768.10. The stock opened at Rs. 738.95 against its previous closing at Rs. 729.70.

IGL is considered as the top 500 shares by Dynamic Levels for this quarter amongst the 1700 stocks listed on NSE. IGL share price made a new 52 week high on this very day at Rs. 777.70 while the 52 week low is seen at Rs. 433.70 on 25^th August ’15.

In order to gain more information on the support and resistance level , refer to IGL share price history.