Indraprastha Gas rose 1.97% to Rs 271.20 at 9:48 IST on BSE after the company announced the increase in CNG and PNG prices.
Meanwhile, the S&P BSE Sensex was up 112.54 points or 0.53% at 21,187.13.
On BSE, so far 50,000 shares were traded in the counter as against average daily volume of 29,614 shares in the past one quarter.
The stock hit a high of Rs 276 and a low of Rs 271.25 so far during the day. The stock had hit a 52-week high of Rs 328.50 on 9 May 2013. The stock had hit a 52-week low of Rs 236 on 28 August 2013.
The stock had underperformed the market over the past one month till 26 December 2013, sliding 0.08% compared with the Sensex's 3.18% rise. The scrip had also underperformed the market in past one quarter, declining 4.21% as against Sensex's 5.94% rise.
The mid-cap company has equity capital of Rs 140 crore. Face value per share is Rs 10.
Indraprastha Gas (IGL), a top natural gas distributing firm operating mainly in Delhi and its surrounding areas, has increased prices by almost 10%. The company has increased CNG (compressed natural gas) prices to a record high of Rs 50.10 per kg in Delhi and Rs 56.70 per kg in satellite towns of Noida, Greater Noida and Ghaziabad, up from Rs 45.6 and Rs 51.55, respectively. The company has also raised consumer prices of piped natural gas (PNG) to Rs 29.50 per standard cubic metre (scm) from Rs 27.50 per scm in Delhi. If a household consumes more than 30 scm of piped cooking gas in two months, then every extra unit would be at Rs 52 per scm. Due to differential tax structure in Uttar Pradesh, the applicable price of PNG to households in Noida, Greater Noida and Ghaziabad would be Rs 29 per scm.
IGL in a statement said the central government has cancelled all the earlier gas allocations and the revised allocations include gas from the Panna-Mukta and Tapti (PMT) fields, which costs more than gas under administered price mechanism (APM). It said the company is forced to source more quantity of market-priced imported R-LNG (re-gasified liquefied natural gas).
Indraprastha Gas' net profit declined 6.5% to Rs 92.75 crore on 18.1% growth in net sales to Rs 1009.02 crore in Q2 September 2013 over Q2 September 2012.
Indraprastha Gas is the sole supplier of CNG and PNG in Delhi, Noida, Greater Noida and Ghaziabad.
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