India's Indraprastha Gas falls as Motilal Oswal says "sell" on EV risk

Indraprastha Gas

04/05/2023 09:59

** Shares of Indraprastha Gas Ltd  IGAS.NS  fall over 1% to
484.90 after Motilal Oswal cuts to "sell"
    ** The brokerage says the city gas distributor's faces a
threat from electric vehicle adoption, which it expects to rise
as lithium prices cool off
    ** Says CNG conversions have been hit in past few qtrs and
says efforts to hike EVs share to 25% by 2024 in Delhi is a
serious risk to CNG volume growth potential
    ** Motilal Oswal keeps target price at 345 rupees, 31% lower
than the stock's last close
    ** Of the 31 analysts tracking IGAS, 25 maintain "buy", two
suggest "sell" and four recommend "hold"; median TP is 527
rupees - Refinitiv data


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))