Indraprastha Gas Jumps After Solar JV Greenlight - SEBI Analyst Sees More Upside Ahead

Shares of Indraprastha Gas gained over 1% on Wednesday after the company said its board had approved a plan to partner with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) to set up a solar power project in the state.

Under the agreement, IGL will take a 74% stake in the new company, with RVUNL holding the remaining 26%. 

The venture will begin with an initial paid-up capital of ₹5 lakh, split into 50,000 shares priced at ₹10 each. IGL will nominate four directors to the joint venture's board, while RVUNL will nominate two.

Technical View

SEBI-registered analyst Deepak Pal said IGL's daily chart shows a strong bullish candle, with the stock opening at ₹213.25, hitting a high of ₹218.20, a low of ₹212.20, and closing at ₹216.85. 

He noted the price has broken above its key moving averages, supported by the Parabolic Stop and Reverse (SAR) indicator shifting below the candles, which signals a positive trend reversal.

Pal further noted that the relative strength index (RSI) is at 64, indicating a healthy bullish momentum and it is nowhere overbought yet, while the moving average convergence divergence (MACD) indicator is turning positive, signaling further strength. 

In the short term, he said, support exists at ₹208–210, while resistance is at ₹220–222 and beyond at ₹227–230. 

As long as the stock sustains above ₹210, Pal believes a move toward higher levels remains likely, making any dip a potential buying opportunity.

What Is The Retail Mood?

On Stocktwits, retail sentiment was 'bullish' amid 'normal' message volume.

Indraprastha Gas' stock has risen 6.6% so far in 2025.

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