New Delhi: Shares of piped and compressed natural gas supplier Indraprastha Gas (IGL) surged nearly 8% to a 52-week high of ₹426.65 during the early trades on Friday. At 12:30 pm, IGL was trading 7.8% up at ₹423.45 a share.
The surge in share price comes a day after the company reported better-than-expected Q2 earnings. The company’s net profit surged nearly 57% to ₹381 crore in the September quarter from ₹218.4 crore in the immediate previous quarter. Also, Morgan Stanley Capital International (MSCI) has incorporated Indraprastha in its Global Standard Index.
IGL sells CNG to over 10.5 lakh vehicles in the national capital region through a network of over 500 CNG stations. It also supplies piped natural gas to over 11.20 lakh households in Delhi and NCR cities.
On 3 October, Indraprastha Gas had cut prices of CNG and piped cooking gas in the national capital and adjoining cities after a 12.5% reduction in input natural gas rates.
Compressed natural gas (CNG) sold at retail outlets has been reduced by ₹1.90 per kg in Delhi and by ₹2.15 per kg in Noida, Greater Noida and Ghaziabad, the company said in a statement.
The latest prices are ₹45.20 per kg in Delhi and ₹51.35 per kg in Noida, Greater Noida and Ghaziabad.