India's Indraprastha Gas drops as Q3 sales volumes miss view

Indraprastha Gas

25/01/2024 09:51

** Shares of India's Indraprastha Gas  IGAS.NS  down 6.7%,
biggest intraday pct loss since Oct. 20, 2023 
    ** Stock set to lose for the fourth consecutive session 
    ** City gas distributor reported sales volumes below its
estimates, says brokerage Prabhudas Lilladher (PL) 
    ** Sales vols up 4% at 8.5 mln metric standard cubic meter
per day (mmscmd), but fell short of estimated 8.8 mmscmd - PL 
    ** PL also adds core profit/standard cubic meter (scm) at
7.2 rupees/scm, lower than expected 8.4/scm 
    ** About 7 mln shares changed hands by 3:11 pm IST, 3x
30-day avg 
    ** Avg rating on IGAS and its peer Mahanagar Gas  MGAS.NS 
"buy" vs "hold" on Gujarat Gas  GGAS.ns  - LSEG data
    ** IGAS has lost ~3% so far this year vs GGAS's 19% climb
and MGAS's 14% rise 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))