IGL shares rise post strong earnings beat but Jefferies cuts target price by 24%

Shares of Indraprastha Gas Ltd (IGL) surged as much as four percent on Wednesday after the company’s earnings beat expectations on all fronts-profit, revenue, EBITDA — a measure of operating profitability — and margin.

At 9:21 am, shares of the company were trading 3.6 percent higher at Rs 371.5 on the BSE.

Here’s a look at the company’s financials:

igl shares rise post strong earnings beat but jefferies cuts target price by 24%

igl shares rise post strong earnings beat but jefferies cuts target price by 24%

Also Read | Oil prices dip after industry data shows US crude stockpiles rising

IGL’s expenses increased tremendously. On a quarter-on-quarter basis, higher excise duty, employee benefits expense, depreciation and amortisation expenses weighed on profitability.

Jefferies has a ‘buy’ call on IGL shares and has trimmed its target price by 24 percent to Rs 450. The brokerage firm believes that the gas company’s margin should be under pressure in the second quarter. IGL has reported a 9 percent EBITDA beat led by a better margin.

IGL has enough room to hike prices, Jefferies said while adding that it expects the gas retailer to defend its margin.

Last week, the company hiked the price of piped cooking gas (PNG) for household kitchens in the national capital and adjoining cities. PNG price was increased by Rs 2.63 per unit to “offset input gas cost”, marking the second increase in less than two weeks. On July 26, rates were revised by Rs 2.1 per standard cubic meter (scm). IGL, the firm that retails CNG to automobiles and piped cooking gas to households in the national capital and adjoining towns, notified through a tweet that piped cooking gas in Delhi would now cost Rs 50.59 per standard cubic meter. Earlier it was Rs 47.96.

However, the foreign brokerage firm has cut its earnings per share estimates for FY23 by 10 percent and FY24 by 9 percent.

Catch up on all LIVE stock market updates here.

News Related

OTHER NEWS

California: 4 members of Indian-origin family, including 8-month-old, kidnapped in Merced

California: 4 members of Indian-origin family, including 8-month-old, kidnapped in Merced Four members of an Indian-origin family, including an 8-month-old child, were allegedly kidnapped in California’s Merced city on Monday, ... Read more »

Infosys, Wipro, TCS: Can IT companies prohibit ex-employees from working with rivals?

Infosys, Wipro, TCS: Can IT companies prohibit ex-employees from working with rivals? The Indian IT sector employs over 51 lakh individuals as per a recent report by NASSCOM,  with top companies ... Read more »

Mumbai-based grocery chain DMart doubles revenue since pre-pandemic levels, stocks hit Rs 4506

DMart’s stocks were trading at Rs 4500 after the numbers were revealed. Launched with its first store in Mumbai’s Powai over two decades back, DMart has become one of India’s ... Read more »

Bade Miyan Chote Miyan: Akshay Kumar-Tiger Shroff starrer a remake of the old film? Director Ali Abbas Zafar BREAKS silence

Bade Miyan Chote Miyan: Akshay Kumar-Tiger Shroff starrer a remake of the old film? Director Ali Abbas Zafar BREAKS silence Earlier this year, it was announced that Akshay Kumar and ... Read more »

Women in Gilgit-Baltistan gear up for the first sporting event but some clerics are unhappy

Women in Gilgit-Baltistan gear up for the first sporting event but some clerics are unhappy In Gilgit-Baltistan, young college women are making last-minute preparations for the ‘big day’. They’re polishing ... Read more »

Suzuki Motorcycle India registers 86,750 unit sales in September 2022

– Overall sales stood at 86,750 units – Domestic sales grew by 72,012 units – Year-to-date sales increased by 25.7 per cent Suzuki Motorcycle India reported its sales data for ... Read more »

Ayurveda expert on effective hacks to lose belly fat

Belly fat is usually a sign of hormonal imbalance, poor metabolism, genetics and poor lifestyle choices. Studies have shown that belly fat can pose serious health risks and can lead ... Read more »

All Journalists Welcome to Cover PM Modi's Visit, Clarifies Himachal DGP After 'Character Certificate' Row

All Journalists Welcome to Cover PM Modi’s Visit, Clarifies Himachal DGP After ‘Character Certificate’ Row All journalists are welcome to cover Prime Minister Narendra Modi’s visit to Himachal Pradesh on ... Read more »

Orders cancelled, shipping delayed, accounts blocked! Flipkart service issues infuriate buyers

Orders cancelled, shipping delayed, accounts blocked! Flipkart service issues infuriate buyers Days after its Big Billion Days sale wrapped up, Flipkart has been criticised on social media for cancelling orders ... Read more »

Asian All-Girl Dance Group's High on Energy 'Kala Chashma' Video Has Netizens Impressed

Asian All-Girl Dance Group’s High on Energy ‘Kala Chashma’ Video Has Netizens Impressed The Norwegian dance crew, Quick Style, who has left the internet spellbound on numerous occasions, recently took ... Read more »

Jio announces limited period festive offer with up to Rs 4500 benefits. Here are the details

Jio announces limited period festive offer with up to Rs 4500 benefits. Here are the details Reliance Jio has announced “festive bonanza” offer for Jio Fiber users. Under the offer, ... Read more »

This Finance Stock hits ‘10% UC’ on the Back of Short Covering!

The Nifty 50 index opened the session on an extremely positive note, currently trading 1.91% up at 17,205 by 9:28 AM IST. The much-awaited reversal in the US markets and ... Read more »

Redmi Pad launched in India at Rs 12,999: Bank offers, specs and more of Xiaomi’s new tablet

Redmi Pad launched in India at Rs 12,999: Bank offers, specs and more of Xiaomi’s new tablet Redmi Pad has been launched in India by Xiaomi today at a starting ... Read more »

We find each other: Manchester City's Erling Haaland talks about chemistry with Kevin de Bruyne

Haaland and De Bruyne have had incredible chemistry this season Manchester City’s Erling Haaland has commented on his chemistry with midfield maestro kevin de Bruyne and said that the connection ... Read more »

Tom Brady Sends Clear Message Following Bucs' Week 4 Loss To The Chiefs

Tom Brady buccaneers.com Tom Brady and the Buccaneers lost a tough one to Patrick Mahomes and the Kansas City Chiefs on Sunday night. However, Brady is already looking forward to ... Read more »

Richa Chadha And Ali Fazal Wedding: The Couple Share New Photos From The Festivities

Richa Chadha and Ali Fazal have shared more photos from their wedding festivities. (Image: Instagram) Richa Chadha and Ali Fazal look gorgeous in their ethnic white ensembles. (Image: Instagram) Richa ... Read more »

Wallet-snatcher Jumps Into Sea to Avoid Arrest, Here's What Happened Next

Wallet-snatcher Jumps Into Sea to Avoid Arrest, Here’s What Happened Next Chase scenes in action movies give us the thrills and the adrenaline rush we often crave for. The cat ... Read more »

IndiGo flight passengers and cabin crew groove to Garba tunes at Bhopal Airport: WATCH Video

IndiGo flight passengers and cabin crew groove to Garba tunes at Bhopal Airport: WATCH Video Navratri and Durga Puja are one of the most celebrated festivals in India and people ... Read more »

Best cars under ₹20,000,00 to buy this festive season

Best cars under ₹20,000,00 to buy this festive season This festive season brings huge discounts and offers of sedans, hatchbacks and SUVs. Discount offers include loyalty benefits, exchange offers, and ... Read more »

Airtel vs Reliance Jio vs Voda Idea: When will the telcos roll out 5G and how much will it cost?

Airtel vs Reliance Jio vs Voda Idea: When will the telcos roll out 5G and how much will it cost? 5G technology, which was formally launched by PM Narendra Modi ... Read more »

Flipkart founders-backed Tracxn Tech IPO opens on October 10, check price band here

Flipkart founders-backed Tracxn Tech IPO opens on October 10, check price band here Bengaluru-based private market intelligence platform Tracxn Technologies has fixed the price band at Rs 75-Rs 80 per ... Read more »

Uttarakhand Avalanche: Over 28 Trapped, Many Feared Dead in Danda-2 Peak; Rescue Ops On

Uttarakhand Avalanche: Over 28 Trapped, Many Feared Dead in Danda-2 Peak; Rescue Ops On Many feared dead after at least 28 people were caught in an avalanche in Draupadi’s Danda-2 ... Read more »

Ingenuity helicopter spots mysterious foreign object on Mars

Ingenuity helicopter Engineers flying the Ingenuity helicopter on Mars have spotted a foreign object on the surface in the footage beamed back by the helicopter. The object was seen in ... Read more »

Eintracht Frankfurt vs Tottenham Live Streaming: When and Where to Watch Champions League Live Coverage

After suffering a defeat in their last Champions League encounter, Tottenham will be eager to get back on winning track as they are set to Eintracht Frankfurt on Wednesday. The ... Read more »

BSNL to finally go 4G as country prepares for 5G! This is when it launches

BSNL is finally upgrading its mobile network to 4G just as private telecom operators have started rollout of their 5G services in the country. BSNL has been the only operator ... Read more »

Govt prepares master plan to revamp 200 railway stations across India with modern facilities

Govt prepares master plan to revamp 200 railway stations across India with modern facilities Indian Railways is working relentlessly to revamp railway stations across the country. Until now many railway ... Read more »

Breaking News: 28 mountaineers trapped after avalanche hits Uttarakhand’s Danda-2 peak

breaking news: 28 mountaineers trapped after avalanche hits uttarakhand’s danda-2 peak As many as 28 trainees of Nehru Mountaineering Institute have been trapped following an avalanche in Draupadi’s Danda-2 mountain ... Read more »

Twitter Is Letting Some Users Edit Their Tweets: Here's How It Works

Twitter Is Letting Some Users Edit Their Tweets: Here’s How It Works If you’ve always wanted the ability to edit your tweets, we bring good news for you. The social ... Read more »

Karnataka UGCET 2022 rank list out at kea.kar.nic.in; Check roll number wise toppers list, rank list and other details

Karnataka UGCET 2022 rank list is available in the form of PDF which includes the roll number, candidates name and rank of the candidate. (File/KEA) Karnataka UGCET 2022 rank list: ... Read more »

Bhopal: Digvijaya Singh misses bus, Congmen ponder over his role in assembly polls

Bhopal (Madhya Pradesh): With Rajya Sabha member Digvijaya Singh having missed the bus in Congress organisational election for the top post, the Congressmen are now figuring out whether he would ... Read more »

IAF chief on China-bound Iran flight in India airspace, scrambling jets| Video

Indian Air Force Chief Air Chief Marshal VR Chaudhari.  ((ANI) ) Indian Air Force Chief Air Chief Marshal VR Chaudhari on Tuesday gave details about the response linked to an ... Read more »

Jagjivan Ram stalled Sushilkumar Shinde’s candidature from Karmala: Sharad Pawar

NCP Supremo Sharad Pawar Nationalist Congress Party chief Sharad Pawar on Monday said he had wanted former (late) chief minister and Congress leader Sushilkumar Shinde to fight polls from a ... Read more »

Credit Suisse crisis: Would it affect Indian markets? Should mutual fund investors be worried?

credit suisse crisis: would it affect indian markets? should mutual fund investors be worried? New Delhi: Swiss banking giant Credit Suisse is in the throes of one of the biggest ... Read more »

Flipkart Dussehra Sale live now for Plus subscribers; Check top deals here

Flipkart Dussehra Sale live now for Plus subscribers; Check top deals here New Delhi: As the festive season is approaching rapidly, Flipkart has launched the Big Dussehra Sale. The sale will ... Read more »

Inter Milan vs Barcelona live streaming: When and where to watch UCL, INT vs BAR dream11; all you need to know

Inter Milan vs Barcelona live streaming: When and where to watch UCL, INT vs BAR dream11; all you need to know Matchday 3 of the UEFA Champions League returns on ... Read more »

After Jaishankar calls Pakistan 'expert in international terrorism', Islamabad issues response

after jaishankar calls pakistan ‘expert in international terrorism’, islamabad issues response Islamabad: Days after External Affairs Minister S Jaishankar called Pakistan an “expert in international terrorism”, Islamabad on Monday issued ... Read more »

Gautam Adani, Elon Musk lose over Rs 2 lakh crore in one day, Tesla owner remains richest man

Gautam Adani, Elon Musk lost nearly USD 25 million in one day. Top Indian businessman Gautam Adani and American business magnate Elon Musk lost around USD 25 million in one ... Read more »

Electronics Mart IPO subscribed 37% on Day 1 so far. Here's what analysts said

Electronics Mart IPO subscribed 37% on Day 1 so far. Here’s what analysts said Electronics Mart India’s Rs 500-crore initial public offer (IPO) received a strong demand on Tuesday, especially ... Read more »

After LCH, all eyes on development of indigenous medium lift Indian Multirole Helicopter

After LCH, all eyes on development of indigenous medium lift Indian Multirole Helicopter With India’s first indigenous dedicated attack helicopter Light Combat Helicopter (LCH) reaching the induction phase, all eyes ... Read more »

Gujarat Police arrests 40 in communal clash between two groups in Vadodara

Gujarat Police arrests 40 in communal clash between two groups in Vadodara Gujarat Police arrested 40 people in Vadodara on Monday after a clash broke out between two groups belonging ... Read more »
Breaking thailand news, thai news, thailand news Verified News Story Network