Indraprastha Gas hits 52-week low; drops 8% in six days

21 Jan 2022 , 12:22 PM

Shares of the city gas distributor have declined 8% in six trading sessions from its previous closing low of Rs 463.55 posted on 13 January 2022. The counter hit a 52- week low of Rs 424.55 in intraday today. The stock is down nearly 30% from its 52-week high of Rs 604 posted on 14 September 2021.

In last one month, the stock declined 13.7% as compared to a 5% rise in Nifty 50 index.

On the technical front, the stocks RSI (relative strength index) stood at 23.552. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 481.74 and 501.64 respectively. These levels will act as crucial support zones in near term.

Indraprastha Gas is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel. As on 30 September 2021, GAIL (India), BPCL and the Life Insurance Corporation of India (LIC) held 22.5%, 22.5% and 5.33%, respectively, stake in the company.

On a standalone basis, Indraprastha Gas (IGL)s net profit climbed 30.1% to Rs 400.54 crore on a 40.3% rise in net sales to Rs 1,831.19 crore in Q2 FY22 over Q2 FY21.

Powered by Capital Market – Live News