India's Indraprastha Gas falls after report of UBS rating, PT cut

Indraprastha Gas

10/01/2024 05:11

** Shares of Indraprastha Gas (IGL)  IGAS.NS  fall as much
as 4.8% to 408.40 rupees 
    ** Media report says brokerage UBS cut rating on IGL to
"Sell" from "Buy" and lowered PT to 400 rupees from 630 rupees
    ** Catalysts for UBS' downgrade include lacklustre volume
growth in near term; core business at risk over long term - ET
Now report
    ** Stock set for worst day since Oct. 20, when Jefferies
downgraded stock to "Hold" and cut PT to 465 rupees from 565
rupees
    ** Avg rating of 30 analysts at "buy"; median PT is 455
rupees - LSEG data
    ** Stock rose ~1% in 2023, snapping two consecutive years of
fall
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))