Shares of Indraprastha Gas were back in the green on Thursday afternoon after the company announced a second interim dividend for the current financial year before slumping back in the red at market close.
What Happened: The company on Thursday informed that its board of directors has approved a ₹10/share interim dividend for the current financial year. The record date for dividend payment is March 31.
The stock that closed 0.14% lower on Wednesday was trading higher early on Thursday in anticipation of the announcement. The dividend announcement follows the company signing an MoU with Bharat Heavy Electricals Limited for developing, manufacturing & deploying Type-IV Cylinders (CNG and/or Hydrogen), Hydrogen blending in City Gas Distribution (CGD), and Fuel cell-based power backup systems.
See Also: Angel One Investors Rejoice At The Bourses Over Dividend Announcement
Domestic brokerages seem divided on the stock as ICICI Securities has a ‘buy’ rating whereas Motilal Oswal has a ‘sell’ recommendation. The company’s net profits slumped around 10% in the December quarter to ₹278.3 crore missing consensus estimates.
Price Action: IGL shares were down 0.28% to close at ₹438.55 near its 52-week high of ₹455 on Thursday.
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