Indraprastha Gas shares up on JV with Genesis Gas Solutions for smart meter manufacturing

The capital expenditure for the said smart meter manufacturing plant is Rs 110 crore.

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Indraprastha Gas (IGL) shares were up 0.8 percent at Rs 490.70 at 9.28 am after the company signed a joint venture agreement with M/s Genesis Gas Solutions Private Limited for setting up an integrated smart meter manufacturing plant.

Joint Venture between IGL and Genesis shall have equity participation from both partners in the ratio of 51:49, respectively.

The capital expenditure for the said smart meter manufacturing plant is Rs 110 crore.

Initially, the smart meter manufacturing plant shall have an installed capacity to manufacture 1 million meters annually and is planned to be operational by April 2024.

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A meeting of the board of directors is scheduled to be held on July 23, 2023, to consider and approve the unaudited financial results for the quarter ended June 30, 2023.

The company in the quarter ended March 2023 had reported 7.7 percent fall in its net profit at Rs. 397.51 crore versus Rs 430.93 crore in March 2022.

However, total income of the company jumped 51 percent at Rs 4,127.07 crore in March 2023 versus Rs 2,724.16 crore in March 2022.

The share touched a 52-week high of Rs 515.55 and a 52-week low of Rs 343.80 on May 9, 2023 and July 29, 2022, respectively.

Currently, the stock is trading 4.82 percent below its 52-week high and 42.73 percent above its 52-week low.