Indraprastha Gas to buy 50% in Central UP gas, shares rise

Written By Unknown on Senin, 11 Februari 2013 | 16.02

Indraprastha Gas gained as much as 3.4 percent intraday on Monday as the company is looking to buy 50 percent stake in Central UP gas for Rs 69 crore.

Also, the company reported strong earnings over the weekend with its net profit growing 24.7 percent year-on-year to Rs 86.3 crore in the third quarter. Meanwhile, sales too rose 31.2 percent YoY to Rs 868 crore in October-December quarter.

Finally the company has raised PNG (piped natural gas) prices by 7 percent in Delhi and NCR region. PNG customers will now pay Rs 23.50 per standard cubic metre (SCM) instead of Rs 22 earlier.

Shares came off day's high a bit due to somewhat profit booking. At 14:19 hours IST, the stock rose 1.09 percent to Rs 259.90 amid high volumes on Bombay Stock Exchange.

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