Indraprastha Gas gains 3% post Q3 show; Nomura maintains buy with target Rs 400

Indraprastha Gas gains

Indraprastha Gas gains 3% post Q3 show; Nomura maintains buy with target Rs 400

Share price of Indraprastha Gas gained 3 percent intraday Thursday as company reported good set of numbers in the quarter ended December 2018.

Company’s Q3FY19 net profit rose 5.7 percent at Rs 198 crore against Rs 187.3 crore in quarter ended September 2018.

Revenue was up 6 percent at Rs 1,508.4 crore against Rs 1,421.5 crore.

Operating profit or EBITDA rose 3.2 percent at Rs 317.8 crore, while margin was at 21.1 percent.

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Market Commentary:

The Sensex was up 358.42 points at 36975.23, while Nifty was up 128.10 points at 11,062.50. About 1032 shares have advanced, 1512 shares declined, and 144 shares are unchanged.

TECHM, CIPLA, ZEEL, BAJFINANCE, TATASTEEL were the top gainers among Nifty 50 stocks while ADANIPORTS, INDUSINDBK, DRREDDY, TITAN were the top losers.

News High Lights:

•Domestic steel major JSW Steel on February 6 reported a 9.96 percent fall in consolidated net profit to Rs 1,603 crore for the October-December quarter of 2018-19.The company had clocked a consolidated net profit of Rs 1,774 crore in the year-ago period, JSW Steel said in a BSE filing.

•Urbanite, Bajaj Auto’s new electric vehicle brand, will be available in showrooms in the first half of next fiscal (H1 FY20), thus marking the Pune-based company’s electric vehicle foray.

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