Indraprastha Gas shares rally nearly 7 pc as Q2 net profit more than doubles

Shares of Indraprastha Gas Ltd on Friday advanced nearly 7 percent after the company reported more than doubling of its September quarter net profit and its inclusion in the MSCI India Index. The company's stock climbed 6.44 percent to close at Rs 418.15 on the BSE. During the day, it rallied 8.60 percent to Rs 426.65.

On the National Stock Exchange (NSE), it jumped 6.76 percent to close at Rs 419.80. In traded volume terms, 5.25 lakh shares were traded on the BSE and more than one crore shares on the NSE during the trade.

Indraprastha Gas Ltd, the city gas distributor in the national capital and adjoining cities, on Thursday reported more than doubling of its September quarter net profit on the lower tax rate and rise in gas sales. Net profit in July-September at Rs 380.72 crore was 103 percent higher than Rs 187 crore in the corresponding quarter in the last financial year, the company said in a statement.

The company availed the lower corporate tax rate announced by the government which resulted in a "gain of Rs 143.12 crore", it said. Meanwhile, MSCI, the world's biggest index compiler, on Thursday announced that it has decided to add eight Indian stocks, including Indraprastha Gas Ltd, to its India Index, with effect from November 26.

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