Indraprastha Gas stock shines in weak market; gains 4% on bonus share plan

Shares of gas supplier Indraprastha Gas (IGL) gained 3.81 per cent to hit a day's high of Rs 374 on the National Stock Exchange (NSE) in an otherwise weak market during intra-day trade on Thursday. A combined total of nearly 6.82 million IGL shares, worth around Rs 250.35 crore, were exchanged on the NSE and BSE today.

 

The surge in IGL share price came after the company announced that its board would meet to consider a proposal for a bonus issue of equity shares for its shareholders.

 

"A meeting of the Board of Directors is scheduled to be held on December 10, 2024, inter alia, to consider the proposal for the issue of bonus shares to the equity shareholders of the company in a ratio to be decided, subject to shareholders' approval," said IGL in a regulatory filing on the NSE.

 

The company further stated, "The trading window for dealing in the shares of the company will remain closed with effect from December 4, 2024, till the expiry of 48 hours from the declaration of the outcome of the aforesaid Board Meeting."

 

Earlier, at its meeting held on October 28, 2024, the company's board had declared an interim dividend of 275 per cent, i.e., Rs 5.50 per share (face value of Rs 2 each), for the financial year 2024-25.

 

Incorporated in 1998, IGL is a joint venture between Gas Authority of India (GAIL) and Bharat Petroleum Corporation (BPCL), which together hold a 45 per cent stake in the company. The Government of NCT of Delhi holds an additional 5 per cent equity stake. IGL was listed on the stock exchanges in December 2003 and operates in areas including Delhi, Noida, Greater Noida, Ghaziabad, Rewari, Karnal, Kaithal, Kanpur, and Muzaffarnagar.

 

As of December 5, 2024, IGL enjoys a market capitalisation of Rs v crore on the NSE, and is a constituent of the Nifty Midcap 100 index.

 

IGL shares have a 52-week range of Rs 570.35 to Rs 306.10 on the NSE. Year-to-date, IGL's share price has dropped 13.42 per cent.

 

At around 11:09 AM on Thursday, IGL shares were trading at Rs 366.75 apiece, up 1.80 per cent from their previous close of Rs 360.25 on the NSE.

 

Meanwhile, the benchmark equity indices were trading in negative territory. The BSE Sensex was at 80,677.82, down 278.51 points or 0.34 per cent, while the NSE Nifty stood at 24,364.75, down 102.70 points or 0.42 per cent.