Indraprastha Gas share rose over 3% today after the firm reported a 18 per cent rise in Q3 net profit after city gas sales recovered on easing of coronavirus lockdown restrictions. Share of Indraprastha Gas touched an intraday high of Rs 576.3, climbing 3.51% against previous close of Rs 556.75 on BSE. The stock has gained 6.09% in the last 4 days.Indraprastha Gas share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has risen 12.57% in one year and gained 13.68% since the beginning of this year. At 2:52 pm, the stock was trading 2.51% higher at Rs 570.75 on BSE.
Market cap of the firm stood at Rs 39,931 crore. Net profit in Q3 rose to Rs 334.87 crore compared with Rs 283.59 crore profit in the corresponding period of the last fiscal. Total gross sales fell to Rs 1,587.36 crore in Q3 against Rs 1,831.16 crore during the third quarter of FY'20.
IGL retails compressed natural gas (CNG) to automobiles and piped natural gas (PNG) for cooking purposes for household and as fuel to industries in the national capital and adjoining towns such as Noida, Greater Noida and Ghaziabad.
"Both physical and financial performance of the company reflect a strong recovery after the second quarter due to gradual easing of restrictions and beginning of unlock period leading to increased economic activity. Sales have picked up steadily and presently have touched pre-lockdown levels," the firm said.
"The numbers showed strong resurgence from the impact of lockdown in the first half of the fiscal," the company added.