Indraprastha Gas declares 2nd interim dividend of Rs 10/share, fixes record date

Indraprastha Gas (IGL) announced its second interim dividend of Rs 10 per equity share for the current financial year 2022-23. The company has fixed March 31 as the record date for the said dividend payment.

"The board of directors of the company, in its meeting held today, declared 2nd interim dividend @ 500% i.e, Rs 10/- per share (Face value of Rs 2/- each) on the equity shares for the Financial year 2022-23. As informed by vide letter dated March 18, 2023, the record date for ascertainment of shareholders entitled to receive the aforesaid interim dividend shall be March 31, 2023 (Friday)," the company said in BSE filing.

IGL's shares will likely trade ex-dividend a day or two before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.

On Thursday, IGL shares were trading flat at Rs 439 apiece on BSE. On a year-to-date basis, the stock has surged nearly 5%, while it has risen nearly 18% in the last year.
In the past 12 months, the company declared an equity dividend of Rs 18.5 per share, resulting in a dividend yield of 4.21%.

As per Trendlyne data, the average target price of the stock estimate is Rs 486, an upside potential of 11% from the current market prices.

The consensus recommendation from 30 analysts for IGL is Buy. Out of these, 23 have strong buy and buy ratings, while only three have strong sell and sell ratings. The remaining four have a hold rating on the counter.

Incorporated in 1998, IGL is a leading Indian natural gas distribution company that supplies natural gas as cooking and vehicular fuel. The company operates primarily in Delhi-NCR, including neighbouring cities like Noida.

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