IGL share price hits 52-week low after weak Q3 results. Experts on Stock Outlook

According to stock market experts, if the share price of IGL goes down 380, so it can go up 360 per share level. He said that the shares of IGL are currently trading in the range. from 380 400 and is in retracement as the market was expecting weak Q3 results from the company. He said that if the shares of IGL close up If today the 380 level and it manages to open above this level tomorrow morning, we can expect a rally in the counter. However, he also said that in violation of 380 levels; stock may go up 360 per level.

Speaking on IGL share price outlook; Sumeet Bagadiya, Executive Director, Choice Broking said, “The stock is in retracement stage as the market was expecting weak quarterly numbers from Indraprastha Gas Ltd. This fall in Indraprastha Gas share price should be viewed from this perspective and advised to the public. Granted they will keep an eye on their today’s close and tomorrow morning’s opening if it manages to stay up. At 380 level, then we can expect it to bounce back and go up As the 400 level the market has discounted the already weak results from its announcement.”

Resonating with the thoughts of Sumeet Bagdia; Anuj Gupta, Vice President, IIFL Securities said, “If the stock breaks down 380 support, so it can go up from 360 355 levels. Hence, stock holders are advised to maintain losses below the 52-week low.”

In Q3FY22 results, Indraprastha Gas Limited has reported a decline in EBITDA margin from 35 per cent in Q3FY21 to 21 per cent in Q3FY22. However, the company has managed to maintain its volumes at impressive levels in both year-on-year (YoY) and quarter-on-quarter (QoQ) terms.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.