Shares of Indraprastha Gas Ltd (IGL) rose in early deals today after the firm said its board would meet on December 10 to consider the proposal for issue of bonus shares. IGL shares climbed 4% to Rs 374.80 against the previous close of Rs 360.30 on BSE. Market cap of the clean energy firm stood at Rs 25,634 crore. Total 0.62 lakh shares changed hands amounting to turnover of Rs 2.27 crore. The large cap stock hit 52 week high of Rs 570.60 on September 2, 2024 and a 52 week low of Rs 306.50 on November 21, 2024.
The large cap stock trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.
IGL share has lost 10.40% during the last one year and fallen 14% since the beginning of this year.
"A meeting of the Board of Directors is scheduled to be held on December 10, 2024, inter-alia to consider the proposal for issue of Bonus Shares to the equity shareholders of the Company in the ratio, as may be fixed, subject to the Shareholders' approval," said the firm.
In terms of technicals, the relative strength index (RSI) of IGL stands at 42.1, signaling it's trading neither in the overbought nor in the oversold zone. IGL shares are trading higher than the 5 day, 10 day but lower than the 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
In Q2 of this fiscal, the firm reported a 19.4 percent fall in standalone net profit to Rs 431 crore for the second quarter of fiscal year 2024-25.
The city gas distribution company reported net profit of Rs 535 crore in the year-ago period. Net profit climbed 7.4 percent sequentially as the company recorded Rs 401 crore profit in the quarter ending June 30.