Tue Dec 10 11:08:40 UTC 2024: ## IGL Shares Surge on Bonus Share Announcement
**MUMBAI, INDIA** – Indraprastha Gas Ltd (IGL) shares experienced a significant boost on Tuesday, rising over 2% following the company board’s approval of a 1:1 bonus share issue. The share price climbed to Rs 394.30, a 2.22% increase from the previous close of Rs 385.65 on the Bombay Stock Exchange (BSE). This brings IGL’s market capitalization to Rs 27,006 crore.
The bonus share issuance, subject to shareholder approval, will see eligible shareholders receive one bonus share for every existing share. The company also announced plans to increase its authorized share capital from Rs 220 crore to Rs 1000 crore, also pending shareholder approval.
Despite the positive news, IGL’s shares have underperformed in the past year, declining 4% overall and 8.31% since the beginning of the year. The stock reached a 52-week high of Rs 570.60 on September 2, 2024, and a low of Rs 306.50 on November 21, 2024. While the recent surge is encouraging, technical indicators show the Relative Strength Index (RSI) at 51.6, suggesting neutral market sentiment.
The news comes after IGL reported a 19.4% drop in standalone net profit to Rs 431 crore in the second quarter of fiscal year 2024-25, compared to Rs 535 crore in the same period last year. However, the company did see a sequential increase in profit, climbing 7.4% from the previous quarter.
First Piper 