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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 CET

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 2017 37 920 M
EBIT 2017 8 083 M
Net income 2017 6 039 M
Finance 2017 5 117 M
Yield 2017 0,87%
P/E ratio 2017 24,10
P/E ratio 2018 21,82
EV / Sales 2017 3,69x
EV / Sales 2018 3,23x
Capitalization 144 914 M
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Number of Analysts 29
Average target price 995  INR
Spread / Average Target -3,8%
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NameTitle
E. S. Ranganathan Managing Director & Executive Director
Mathilakath Ravindran Chairman
Rajesh Agrawal Chief Financial Officer
Sadashiv Shreenivasa Rao Independent Non-Executive Director
V. Ranganathan Independent Non-Executive Director
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