Indraprastha Gas has target of Rs 424: Jigar Shah

Indraprastha Gas has target of Rs 424, says Jigar Shah of Kimeng Securities.

Shah told CNBC-TV18, "Indraprastha Gas's Q2 earnings were down slightly compared to our expectation and also compared to Q2 by above 3% due to the deduction in the spread because they spent more on buying expensive RLNG."
He further added, "They have increased the prices in October, so they will be able to offset their pressure in H2. So we are overall quite positive and we maintained the hold rating on the stock and we believe that the company will still be able to meet the EPS of Rs 25 which we have forecast for FY12."
"Our target price is Rs 424. So it doesn