IGL share price at 52-week low after weak Q3 results. Experts on stock outlook
Premium- Indraprastha Gas share price: If IGL share price goes below ₹380, then it may further go up to ₹360 per share levels
Indraprastha Gas share price: After weak Q3 FY2021-22 result announcement, Indraprastha Gas Limited or IGL share price today hit its new 52-week low of ₹378.90 apiece levels on NSE. Extending its selloff in early morning deals, IGL share price today opened on the higher side but soon profit-booking triggered in the stock and it made its intraday low of ₹378.90, its new 52-week low in IGL share price history.
According to stock market experts, if IGL share price goes below ₹380, then it may further go up to ₹360 per share levels. They said that IGL shares are currently trading in the range of ₹380 to ₹400 and it is under retracement as market was expecting weak Q3 results from the company. They said that if the IGL shares close above ₹380 levels today and it manages to open above this level tomorrow morning, then we can expect rebound in the counter. However, they also said that on breaching of ₹380 levels; the stock may go up to ₹360 apiece levels.
Speaking on IGL share price outlook; Sumeet Bagadia, Executive Director at Choice Broking said, "The stock has been under retracement phase as market was expecting weak quarterly numbers from Indraprastha Gas Limited. This slide in Indraprastha Gas share price should be seen from this perspective and people are advised to keep an eye on its today's close and tomorrow morning opening. If it manages to remain above ₹380 levels, then we can expect it to bounce back and go up to ₹400 levels as market has already discounted the weak results before its announcement."
Echoing with Sumeet Bagadia's views; Anuj Gupta, Vice President at IIFL Securities said, "If the stock breaks ₹380 support, then it may go up to ₹360 to ₹355 levels. So, those who hold the stock are advised to maintain stock loss below the new 52-week low."
In Q3FY22 results, Indraprastha Gas Limited has reported decline in EBITDA margin from 35 per cent in Q3FY21 to 21 per cent in Q3FY22. However, the company has managed to keep its volume at impressive levels in both year-on-year (YoY) terms and in quarter-on-quarter (QoQ) terms.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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