Shares of Indraprastha Gas Ltd (IGL) hit a fresh 52 week high today after amid gains in the broader market. Indraprastha Gas stock touched a fresh high of Rs 462.50, rising 4.31% on BSE. The share has gained after two days of fall. The stock has fallen 7% in a year and risen 1.16% in 2023. Market cap of the firm rose to Rs 32,291 crore. Total 0.92 lakh shares changed hands amounting to turnover of Rs 4.15 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Indraprastha Gas stock stands at 55.9, signaling it’s neither trading in the overbought nor in the oversold zone. The stock has a beta of 0.9, indicating average volatility in a year. Indraprastha Gas shares are trading higher than 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages.
The stock hit a 52-week low of Rs 335.10 on June 17, 2022.
Brokerage CLSA upgraded the IGL stock to buy in the second half of March led by more favourable regulatory regime and pricing power.
The brokerage raised its price target to Rs 585 from Rs 420 earlier, reflecting potential gains of around 37 percent. CLSA also raised the Earning Per Share (EPS) forecast to 6-15 per cent led by expected double-digit volume growth.
Abhijeet from Tips2trades said, “IGL looks very bullish on the daily charts and a close above resistance of Rs 454 today could lead to targets of Rs 475-512 in the near term. Support will be at Rs 445.”
The firm that supplies CNG to automobiles and piped cooking gas to household kitchens in national capital and adjoining towns, reported a 11 percent decline in net profit to Rs 334.06 crore in the December quarter after it held retail prices despite rise in input costs.
It reported a profit of Rs 374.76 crore in the corresponding period a year ago. However, sales rose 67.50% to Rs 3710.81 crore in Q3 against Rs 2215.46 crore in the corresponding quarter of the previous fiscal.
Indraprastha Gas Limited is a gas distribution (CGD) company. The company’s business consists of sale of natural gas. The company is focused on industrial and commercial business. The company provides gas supply through its extensive distribution network to transport, domestic, commercial, and industrial consumers.
Also read: TCS, Infosys to announce Q4 results next week; here’ what to expect from IT sector
Also read: Adani Enterprises shares jump 6%; m-cap tops Rs 2 lakh crore; Adani Green, Adani Wilmar hit 5% upper circuit limits