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IGL share price hits all-time high on Q2 earnings, MSCI inclusion

BusinessToday.In     November 8, 2019

Indraprastha Gas Ltd (IGL) share price rose 8% to hit an all-time high on BSE and NSE after the company reported a 101.25% rise in its consolidated net profit to Rs 415.82 crore in the quarter ended September 2019 as against Rs 206.62 crore during the previous quarter ended September 2018.  Additionally, Morgan Stanley Capital International (MSCI) included the company in its Global Standard Index on November 7 which led to positive sentiment around the stock.

IGL share price hit an all-time high of Rs 426.65 on BSE and Rs 427 on NSE, respectively. IGL share price has formed a gap-up chart pattern today to advance 3.35% by the opening bell. Later, shares of Indraprastha Gas rose 8.6% to its intraday high of Rs 426.65 on the BSE, also the all-time high of the stock.

Volume-wise, shares amounting to 3.58 lakh and 93.85 lakh shares were traded on BSE and NSE counters, both above 5,10 and 30-day average volume traded. Market depth data on BSE shows 85% buying against 15% selling on the stock value.

Indraprastha Gas is trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock has outperformed the 'Utilities' sector by 7.69% today, where the sector has overall risen 0.60% intraday.

The company reported a healthy profit on account of the adoption of revised tax provision and consequent recalibration of deferred tax liability, leading to a lower tax liability in Q2.

It also posted healthy sales figure for the September quarter, with 18.93% to Rs 1,692.45 crore in the quarter ended September 2019 as against Rs 1423.10 crore during the previous quarter ended September 2018.

While the company's compressed natural gas (CNG) sales volume increased by 10%, its piped natural gas (PNG) sales volumes rose 12% in Q2FY19.

Company's earnings before interest, tax, depreciation and amortisation (EBITDA) rose 9.5% at Rs 392.6 crore while its EBITDA margin was up at 23.2% on a quarter-on-quarter basis.

By Rupa Burman Roy

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