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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Indraprastha Gas Limited    IGL   INE203G01019

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India Regulator Orders Indraprastha Gas To Cut Prices

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04/10/2012 | 08:59am CEST

India's Petroleum and Natural Gas Regulatory Board has ordered Indraprastha Gas Ltd.(532514.BY) to lower certain tariffs and prices of the natural gas it sells in the capital city, a move that is likely to hurt the company's operating margins.

In an order issued on its website Monday, the regulator fixed the tariffs retroactively from April 2008 at levels lower than Indraprastha had been charging, and ordered it to refund the difference to its customers.

An Indraprastha Gas executive who declined to be named said the company is studying the order would comment later.

The Petroleum and Natural Gas Regulatory Board is India's downstream regulator. It has a mandate to set prices.

ICICIdirect.com, which offers retail trading and investment services, advised investors to "stay away from the stock even after a meaningful correction," citing the regulator's order, in a note early Tuesday.

Shares of Indraprastha Gas plunged to INR244.70 a share, a decline of 29.36%, in morning trade on the Bombay Stock Exchange, while the benchmark index gained 0.19%.

Indraprastha Gas is a joint venture of GAIL (India) Ltd. (532155.BY), Bharat Petroleum Corp. (500547.BY) and the state government of New Delhi to sell auto and cooking gas in New Delhi and adjacent areas.

Indraprastha gas sells piped natural gas to household consumers and compressed natural gas to automobiles in New Delhi and adjoining areas.

-By Saurabh Chaturvedi; Dow Jones Newswires; +91-11-4356-3304; saurabh.chaturvedi@dowjones.com

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Financials ( INR)
Sales 2018 43 902 M
EBIT 2018 8 357 M
Net income 2018 7 242 M
Finance 2018 11 603 M
Yield 2018 0,78%
P/E ratio 2018 24,40
P/E ratio 2019 22,16
EV / Sales 2018 3,74x
EV / Sales 2019 3,19x
Capitalization 175 875 M
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Technical analysis trends INDRAPRASTHA GAS LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 1 202  INR
Spread / Average Target -4,3%
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Managers
NameTitle
E. S. Ranganathan Managing Director & Executive Director
S. Ramesh Chairman
Rajesh Agrawal Chief Financial Officer
Sadashiv Shreenivasa Rao Independent Non-Executive Director
V. Ranganathan Independent Non-Executive Director
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