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Indraprastha Gas share closes flat ahead of Q4 earnings

BusinessToday.In     June 17, 2020

Indraprastha Gas Ltd (IGL) share price closed flat ahead of the firm's Q4 earnings set to be announced later in the day. Indraprastha Gas stock ended 0.01% higher at Rs 473.90 against previous close of Rs 473.85 on BSE. Total 0.56 lakh shares changed hands amounting to turnover of Rs 2.67 crore.

The large cap stock hit 52 week high of Rs 534.40 on February 7, 2020 and 52 week low of Rs 284.55 on March 19, 2020. Market cap of the clean energy firm stood at Rs 33,173 crore. Indraprastha Gas share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Indraprastha Gas share has gained 42% in one year and risen 10.69% since the beginning of this year.

The firm that supplies CNG to automobiles and piped cooking gas to household kitchens in national capital and adjoining towns, reported a 43 per cent jump in its third quarter net profit on rise in gas sales volumes. Standalone net profit in October-December quarter of last fiscal stood at Rs 283.59 crore compared to the net profit of Rs 197.94 crore in Q3 of 2018-19.

In a related development, AK Jana assumed charge as the managing director of Indraprastha Gas Ltd on June 16. Before joining IGL, Jana served as CEO of GAIL Gas, a wholly owned unit of GAIL. Jana has taken charge of IGL from E.S. Ranganathan.

IGL is a joint venture of GAIL, BPCL and Delhi government. It is the largest CNG distribution company of the country, with operations in Delhi, Noida, Greater Noida, Ghaziabad, Muzaffarnagar, Rewari, Gurugram and Karnal.

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