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Last Updated : Aug 16, 2019 02:42 PM IST | Source: Moneycontrol.com

Indraprastha Gas jumps 3% on robust Q1 results; CLSA retains Buy

Global research firm CLSA is of the view that volumes along with margins were inline and has maintained a buy rating with target at Rs 390 per share.

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Indraprastha Gas Ltd (IGL) which retails CNG and piped cooking gas in the national capital and adjoining cities jumped over 3 percent intraday on August 16 after the company reported a 24 percent rise in June quarter net profit on higher sales volumes.

Standalone net profit in April-June stood at Rs 218 crore compared to Rs 176 crore in the same period of previous fiscal, the firm said in a statement.

"Continuing the growth momentum, IGL registered an overall sales volume growth of 13 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 5.55 million standard cubic meters per day (mmscmd) to 6.25 mmscmd," the company said.

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Global research firm CLSA is of the view that volumes along with margins were in line and has maintained a buy rating with a target at Rs 390 per share.

IGL's foray into new markets kept its medium-term volume growth story intact while fall in domestic gas price could be a tailwind for margin.

Indraprastha Gas looks good with a possible target on the upside at Rs 325 while the stop loss can be kept below Rs 312, said Technical Analyst Prakash Gaba of prakashgaba.com.

Research and broking firm Dolat Capital has an accumulate rating on the stock with a with an upside potential of 13 percent from current levels.

The stock witnessed volume spurt by more than 1.80 times.

At 1408 hrs, Indraprastha Gas was quoting at Rs 327.00, up Rs 10.55, or 3.33 percent. It has touched an intraday high of Rs 330 and an intraday low of Rs 316.

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First Published on Aug 16, 2019 02:42 pm
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