IGL had previously declared a stock split in 2017, splitting a single share with a face value of ₹10 into five shares with a face value of ₹2. In addition, IGL has been the first of its peers to provide bonus shares to its owners, as neither Gujarat Gas nor Mahanagar Gas had previously made such announcements. The board meeting takes place as IGL’s stock price, along with those of its peers, has sharply corrected following two months of a decrease in APM gas allocation.
Understanding the Bonus Issue
One additional share is given to investors for every share they already possess in a 1:1 bonus issuance. The overall investment value doesn’t change even though you get more shares. This occurs as a result of the stock price proportionately adjusting to reflect the increasing quantity of shares available. In 1998, GAIL, Bharat Petroleum, and the Delhi government formed Indraprastha Gas as a joint venture. It is crucial in supplying clients in Delhi NCR with piped natural gas (PNG) and compressed natural gas (CNG).
Indraprastha Gas Share Price
The stock is showing resistance at the 50-day and 100-day EMA levels as it is presently trading below them. In the immediate run, the 50-day EMA could be the next target, leading to a short-term goal of Rs 415. Investors and traders who bought at lower levels are encouraged to protect their positions by following stop losses close to 370 and 20-day EMA levels, with the goal of 415 and higher. With the Relative Strength Index (RSI), a momentum indicator, reaching 53 levels right now, the company is showing signs of strong momentum. If you’re thinking about making new investments, buying at the current market price (CMP) is a good alternative. Aim for 415 and put a strict stop loss at 370 levels to successfully limit risk.
