Meanwhile, the BSE Sensex was down 87.27 points, or 0.50%, to 17,433.85.
On BSE, 1.36 lakh shares were traded in the counter as against an average daily volume of 10.90 lakh shares in the past one quarter.
The stock hit a high of Rs 255.10 and a low of Rs 245.65 so far during the day. The stock had hit a record high of Rs 453.25 on 7 September 2011. The stock had hit a 52-week low of Rs 170 on 10 April 2012.
The stock had underperformed the market over the past one month until 6 July 2012, rising 4.90% compared with the Sensex’s 6.48% rise. The scrip had also underperformed the market in past one quarter, falling 35.13% as against 0.20% rise in the Sensex.
The mid-cap company has an equity capital of Rs 140 crore. Face value per share is Rs 10.
Indraprastha Gas (IGL) has reportedly raised prices of compressed natural gas (CNG) by Rs 2.90 per kilogram (kg) in Delhi and Rs 3.30 per kg in neighbouring areas because of rising input cost, rupee depreciation and recent hike in electricity rates.
The new price of CNG is Rs 38.35 per kg in Delhi, and Rs 43.10 per kg in Noida, Greater Noida and Ghaziabad from Saturday, 7 July 2012, reports added.
The Delhi High Court had quashed the 9 April 2012 order of Petroleum and Natural Gas Regulatory Board (PNGRB), whereby it had slashed the tariffs of IGL by around 60% and had also asked the company to return the extra money to its customers with a retrospective effect from 1 April 2008. The Court said that PNGRB has no power to fix any component of network tariff or compression charges for any entity having its own distribution network.
On 9 April 2012, the regulator PNGRB had ordered IGL to cut network tariff by around 60% retrospectively from April 2008. IGL, the sole distributor of CNG (compressed natural gas) and PNG (piped natural gas) in Delhi and adjoining areas, in its petition had challenged the regulator’s order terming it to be invalid. It had contended that the regulator had no right to fix the network tariff and compression charge for CNG supplied by it to consumers.
IGL’s net profit rose 16.8% to Rs 80.76 crore on 41.4% growth in net sales to Rs 720.26 crore in Q4 March 2012 over Q4 March 2011.
IGL is the sole supplier of CNG and PNG in Delhi, Noida, Greater Noida and Ghaziabad.
Source from: GeoJIT BNP Paribas