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Angel neutral on Indraprastha Gas
Angel Broking has maintained its neutral rating on Indraprastha Gas. IGL is expected to register healthy volume growth in its CNG segment over the next couple of years on the back of the upcoming Commonwealth Games in 2010.
Angel Broking has maintained its neutral rating on Indraprastha Gas in its May 9, 2008 research report. "Indraprastha Gas, IGL is expected to register healthy volume growth in its CNG segment over the next couple of years on the back of the upcoming Commonwealth Games in 2010. The number of PNG consumers has also grown significantly over the past couple of years, and is expected to report healthy addition over the next 2-3 years also owing to geographical expansion."
"We believe the PNGRB regulations putting a cap on RoCE will not materially impact IGL's Earnings in the near term. Although IGL is free to charge marketing margins, we are little skeptical over the high OPMs and blended RoCE it is commanding. Hence, we remain Neutral on the stock," says Angel's report.
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