Indraprastha Gas Ltd. share price rose as the board of directors is scheduled to meet to consider bonus share issuance on Dec 10. The board will decide ratio in which it will issue shares to equity shareholders, the company said in an exchange filing on Wednesday.
Indraprastha Gas has total 70 crore outstanding equity shares. Promoter group handles 45% of the total outstanding shares, while 55% is owned by public as of Sept 30, according to data on National Stock Exchanges.
Indraprastha Gas share price continued its rally after a one–day drop on Wednesday. It has added 12.26% since Nov 29.
Indraprastha Gas share price rose as much as 3.82% to Rs 374.00 apiece, the highest level since Nov 14. It was trading 2.30% higher at Rs 368.55 apiece as of 10:27 a.m., as compared to 0.22% decline in the NSE Nifty 50 index.
Indraprastha Gas stock rose to a 52–week high of Rs 570.35 apiece on Sept 2, while it touched a 52–week low of 306.10 apiece on Nov 21.
The stock declined 8.74% in 12 months, and 12.02% on a year to date basis. Total traded volume on NSE so far in the day stood at 0.83 times its 30-day average. The relative strength index was at 42.22.
Out of 36 analysts tracking the company, 15 maintain a 'buy' rating, seven recommend a 'hold,' and 14 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.7%
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