Buy Indraprastha Gas, short-term target Rs 330: Agarwal

Rajesh Agarwal, Head of Research at Eastern Financiers advised buying Indraprastha Gas at around Rs 300 level, with a short-term target of Rs 330.

Agarwal told CNBC-TV18, “For a longer term horizon we have a buy on Indraprastha Gas (IGL). If you are not in a hurry hold on to the stock, wait for the Supreme Court order to come. We believe that the Supreme Court order would be in favour of the company. And if something of that sort happens that would be a big positive trigger.” “Even on fundamental side the company has shown decent volume growth due to conversion of vehicles to CNG. And trading at a price to earning ratio of around 10 the stock gives enough scope for appreciation. At around Rs 300 level, it is a good buy. One can buy with a short-term target of Rs 330 and longer term target of Rs 360,” Agarwal added.