IGL shares gain as board approves bonus issue 

IGL share price today: Shares of Indraprastha Gas Ltd (IGL) rose over 2% on Tuesday after board of the energy firm approved issue of bonus shares in the ratio of 1:1. IGL shares climbed 2.22% to Rs 394.30 against the previous close of Rs 385.65 on BSE. Market cap of the clean energy firm stood at Rs 27,006 crore. Total 3.56 lakh shares changed hands amounting to turnover of Rs 13.88 crore. The large cap stock hit 52 week high of Rs 570.60 on September 2, 2024 and a 52 week low of Rs 306.50 on November 21, 2024. 

IGL share has lost 4% during the last one year and fallen 8.31% since the beginning of this year.

"Issuance of Bonus Shares to the Shareholders of the Company in the ratio of 1 :1, i.e. 1 (one) Bonus Equity Shares of face value of z 2/- each fully paid up for every 1 (one) existing equity shares of face value of Rs 2/- each fully paid up, to the eligible shareholders of the Company as on the record date, as may be fixed, subject to the approval of the Shareholders of the
Company," said IGL in a communication to BSE. 

In terms of technicals, the relative strength index (RSI) of IGL stands at 51.6, signaling it's trading neither in the overbought nor in the oversold zone. IGL shares are trading higher than 5 day, 10 day, 20 day, 30 day but lower than 509 day, 100 day, 150 day and 200 day moving averages. 

"The board also cleared an increase in authorized share capital of the company from Rs 220,00,00,000 divided into 110,00,00,000 Equity Shares of z 2/- each; to z 1000,00,00,000 (Rupees One Thousand Crores) divided into 500,00,00,000 (Five Hundred Crores) equity shares of z. 2 (Rupees 2) each by consequential alteration to the Capital Clause of the Memorandum of Association of the Company, subject to shareholders' approvals," said IGL. 

In Q2 of the current fiscal, the firm reported a 19.4 percent fall in standalone net profit to Rs 431 crore for the second quarter of fiscal year 2024-25. The city gas distribution company reported net profit of Rs 535 crore in the year-ago period. Net profit climbed 7.4 percent sequentially as the company recorded Rs 401 crore profit in the quarter ending June 30.