15 Dec 2016
Indraprastha Gas hits record high; stock up 70% in 2016
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Indraprastha Gas (IGL) has hit a record high of Rs 901, up 3.6% on the BSE in intra-day trade in otherwise volatile market.

Thus far in 2016, the stock rallied 70% from Rs 529 at the beginning of the calendar year, against 1.8% rise in the S&P BSE Sensex. The company is the sole supplier of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in the National Capital Region of Delhi.

IGL has its operations in NCT of Delhi, Noida, Greater Noida and Ghaziabad with 418 CNG stations, 6.75 lacs residential consumers and 2.8 thousand industrial / commercial customers and fuelling the largest CNG Bus fleet in the World.

IGL said it has been authorised for Rewari geographical area in the recent 6th round of bidding by Petroleum and Natural Gas Regulatory Board (PNGRB). It proposed to start 1st CNG station in Rewari by the end of this financial year i.e. 2016-17.

In past one-month, post July-September quarter (Q2FY17) results, the stock was up 10% as compared to 1% rise in the benchmark index.

IGL had reported a healthy 41% year on year (YoY) jump in standalone net profit at Rs 144 crore for the quarter ended September 30, 2016 (Q2FY17). The company had posted a profit of Rs 102 crore in the same quarter last year.

Higher sales volumes/realizations, reduction in interest cost and higher other income helped the company to report strong profit growth during the quarter.