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Indraprastha Gas share price gains as Morgan Stanley remains bullish

Morgan Stanley has an overweight rating on the stock, with a target price of Rs 414 per share.

November 28, 2019 / 10:51 AM IST
 
 
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Indraprastha Gas share price gained more than a percent in the morning trade on November 28 after Morgan Stanley retained its bullish stance on the stock.

The stock has rallied 53 percent in the last one year. It was quoting at Rs 410.35, up Rs 2.65, or 0.65 percent, on the BSE at 1022 hours.

"The company is a play on India's energy transition to gas. Operational numbers in recent presentation should help address investor questions on demand," the brokerage said.

It has an overweight rating on the stock, with a target price of Rs 414 per share, which is close to intraday high.

MSCI Inc added Indraprastha Gas to its domestic index on November 27.

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The gas-distribution company reported a 103.5 percent year-on-year growth in Q2FY20 profit at Rs 381 crore and revenue grew by 19.1 percent YoY to Rs 1,692 crore.

Sharekhan also remained positive on the stock, with a target price of Rs 452, implying an 11 percent potential upside from current levels.

The brokerage increased its FY20 EPS estimates to factor in lower effective tax rate and also “fine-tuned” estimates for the next year.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Nov 28, 2019 10:51 am

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