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Indraprashta, Mahanagar Gas hit 52-week lows on disappointing Q3 results

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Indraprashta, Mahanagar Gas hit 52-week lows on disappointing Q3 results

Shares in City Gas Distribution (CGD), Indraprastha Gas (IGL) and Mahanagar Gas (MGL) each hit 52-week lows on the BSE in intraday trade on Wednesday, after the companies reported disappointing quarter-end figures for 2021 December (Q3FY22) and concerns over the influx of electric vehicles (EVs).

IGL and MGL supply compressed natural gas (CNG) to the transportation sector and pipeline natural gas (PNG) to the domestic industrial and commercial sectors.

Among individual stocks, MGL fell 6 percent to Rs 781.20, falling for the fourth straight session. The stock has fallen 39% from a 52-week high of Rs 1,284 touched on June 16, 2021.

In the third quarter of fiscal 2022, MGL’s EBIT and earnings before depreciation and amortization (ebitda) margin decreased by 28.66% from 43.06%, mainly due to higher managed pricing mechanism (APM) and market-determined natural gas prices . The company’s net income from operations rose 72% year-on-year to Rs 2,473 crore. Net profit rose 14.34% year-on-year to Rs 465 crore.

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IGL shares fell 3 percent to 379 rupees, also a 52-week low in intraday trade on the BSE today. The stock has corrected 37% from its 52-week high of Rs 604 on September 14, 2021. In Q3 FY22, the company’s Ebitda margin fell to 21% from 35% in Q3 FY21. Volumes in the quarter were strong year over year and quarter over quarter. Total sales were 7.7mmscmd (up 22% year over year), CNG sales were 5.6mmscmd (+26%) and PNG sales were 2mmscmd.

IGL can increase sales in new districts such as Rewari, Karnal and Muzzafarnagar; Haryana City Gas; and 10th round of newly awarded GAs – Kaithal (Haryana), Ajmer, Pali and Rajsamand (Rajasthan) , and Kanpur, Fatehpur and Hamirpur (Uttar Pradesh).

However, in the long run, the introduction of electric vehicles may dent CNG demand, which is also endorsed by the company, so it plans to build 50 EV battery swap stations. Motilal Oswal Financial Services said in a results update that its entry into new ventures (as well as LCNG stations) will eventually lead to dilution of CGD’s margins, and the stock is rated Neutral.

Complete News Source : Business Standard

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Tollywood

Pushpa 2 The Rule advance booking tracking better than RRR, Jawan in the US; crosses $1.4 million with 10 days to go

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Pushpa 2 The Rule advance booking tracking better than RRR, Jawan in the US; crosses .4 million with 10 days to go

Pushpa 2 The Rule has already crossed $1.4 million in advance bookings in North America even though the release is 10 days away.

Allu Arjun‘s Pushpa 2: The Rule is still nine days from its theatrical release but is already breaking box office records. The film is set for a grand release worldwide, and if its US pre-sales are any indication, it will likely get a bumper opening. The film is already tracking better than blockbusters like RRR and Jawan in the US. (Also read: Pushpa 2 trailer reactions: Allu Arjun fans predict blockbuster, cheer for Fahadh Faasil’s entry scene)

Pushpa 2’s US tsunami

On Monday, trade tracker Venky Box Office shared the film’s advance booking collections for its US premiere. Taking to X (formerly Twitter), the trade analyst tweeted, “#Pushpa2TheRule USA Premiere Advance Sales: $1,383,949 – 900 Locations – 3420 Shows – 50008 Tickets Sold.”

By Sunday evening, Pushpa 2 had sold over 50,000 tickets in the US, with the release 10 days away. The tweet added that North American advance booking collections had crossed $1.458 million (around ₹12 crore), ‘which is a record’.

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Trade analysts say that the film is set to cross $1.5 million with nine days to go, which means it is outpacing SS Rajamouli’s RRR and Shah Rukh Khan-starrer Jawan, the two biggest Indian movies in the US in recent times. Both films grossed over $15 million each in North America and are among the top five highest-grossing Indian films in the continent. Pushpa 2 is matching the pace of Shah Rukh’s other 2023 blockbuster, Pathaan, and is just behind the all-time record holder for India in the US – Baahubali 2 (which earned $20 million in the territory).

All about Pushpa 2: The Rise

Directed by Sukumar, Pushpa 2: The Rise is the sequel to the director’s 2021 pan-India hit Pushpa: The Rise. It brings back Allu Arjun as the titular anti-hero, alongside Rashmika Mandanna and Fahadh Fassil. The film, touted to be one of the biggest Indian productions ever, is set to hit the screens on December 5.

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