Indraprastha Gas Ltd Share Price – NSE /  BSE

Gas Distribution, Small Cap

The key equity benchmarks continued to trade with minor losses in the mid-afternoon trade. The Nifty slipped below the 24,550 mark after hitting the day’s high of 24,677.80 in morning trade. Media shares extended losses for the third consecutive trading session.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 280.64 points or 0.34% to 81,227.82. The Nifty 50 index lost 89.45 points or 0.36% to 24,529.55.

In the broader market, the S&P BSE Mid-Cap index fell 0.01% and the S&P BSE Small-Cap index rose 0.04%.

The market breadth was negative. On the BSE, 1,844 shares rose and 2,081 shares fell. A total of 134 shares were unchanged.

Buzzing Index:

The Nifty Media index fell 0.69% to 2,021.15. The index slipped 3.01% in three consecutive trading sessions.

Tips Music (down 3.13%), Nazara Technologies (down 2.32%), Zee Entertainment Enterprises (down 1.45%), Hathway Cable & Datacom (down 1.15%), Saregama India (down 0.86%), Network 18 Media & Investments (down 0.77%), Sun TV Network (down 0.64%) declined.

On the other hand, Dish TV India (up 2.22%), Den Networks (up 0.42%) and PVR Inox (up 0.33%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.47% to 6.816 as compared with the previous close of 6.826.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.8550, compared with its close of 84.8600 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement rose 0.04% to Rs 76,514.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 106.26.

The United States 10-year bond yield rose 0.33% to 4.214.

In the commodities market, Brent crude for the November 2024 settlement lost 18 cents or 0.25% to $71.96 a barrel.

Stocks in Spotlight:

Indraprastha Gas (IGL) rose 0.64%. The company informed that its board approved the issuance of 1 bonus equity share for every 1 existing equity share held (1:1) to the eligible shareholders.

Pennar Industries advanced 1.42% after the company’s board will meet on 12 December 2024 to consider entering into a joint venture to expand the business.

Bajaj Finserv added 1.14% after its subsidiary, Bajaj Allianz General Insurance Company, recorded a gross direct premium underwritten for November 2024 of Rs 1,364.67 crore, an increase of 11.95% year on year (YoY).

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The Board of Indraprastha Gas at its meeting held on 10 December 2024 has approved increase in authorised share capital from Rs 220 crore to Rs 1,000 crore. The Board also approved issue of bonus shares in ratio of 1:1.

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The bonus share issue proposal is subject to the approval of shareholders of Indraprastha Gas.

The company will inform the record date for determining eligible shareholders entitled for issuance of bonus shares in due course.

The pre-bonus paid-up equity share capital as of date is Rs 140 crore, consisting of 70 crore equity shares of Rs 2 each.

The company would appropriate a sum of Rs 140 crore from the general reserve or retained earnings for issuance of bonus shares. The company has a total balance of 8,411.74 crore as free reserves for capitalization as of March 31, 2024.

Accordingly, the post-bonus paid-up equity share capital is expected to be around Rs 280 crore, consisting of 140 crore equity shares of Rs 2 each.

The bonus shares would be credited within 2 months from the date of board approval, i.e., on or before 9 February 2025.

Further, the company’s board has also approved increasing the authorized share capital to Rs 1,000 crore from Rs 220 crore by consequential alteration to the capital clause of the Memorandum of Association of the company, subject to shareholders' approval.

Indraprastha Gas is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel.

The company’s consolidated net profit declined 17.69% to Rs 454.88 crore in Q2 FY25 as compared with Rs 552.67 crore in Q2 FY24. However, revenue from operations (excl. excise duty) rose 6.91% YoY to Rs 3,697.6 crore in Q2 FY25.

The scrip rose 0.35% to Rs 386.95 on the BSE.

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The bonus issue proposal is subject to the shareholders' approval.

Indraprastha Gas is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel.

The company’s consolidated net profit declined 17.69% to Rs 454.88 crore in Q2 FY25 as compared with Rs 552.67 crore in Q2 FY24. However, revenue from operations (excl. excise duty) rose 6.91% YoY to Rs 3,697.6 crore in Q2 FY25.

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