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IGL shares jump 3% post Q3 results

NEW DELHI: Shares of Indraprastha Gas (IGL) jumped 3 per cent in Thursday's session, a day after it reported a 19 per cent rise in its third-quarter net profit on higher sales.

Standalone net profit in October-December is at Rs 197.94 crore against Rs 165.65 crore in the corresponding period in the last fiscal, the company said in a statement.

Gross sales value during the quarter increased by 28 per cent to Rs 1,661 crore as opposed to Rs 1,294 crore during the third quarter of FY2018.

Global financial firm CLSA has maintained'Buy' call on the stock with a target price of Rs 390, underscoring neat beat on volumes and margins.

It said IGL remains one of the strongest volume growth stories in the city gas space and discount of CNG and PNG may keep volume growth robust.

The company's foray into the new markets of Gurugram, Rewari, Karnal and Meerut are positive for the stock, as per CLSA.

IGL sells CNG to over 10.5 lakh vehicles through a network of 463 CNG stations and piped natural gas to over 10 lakh households in Delhi and adjoining NCR towns.

The shares of the company closed 0.67 per cent up at Rs 300.45 on BSE.
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