India's Indraprastha Gas falls on UBS rating, PT cut

Indraprastha Gas

10/01/2024 06:35

(Added details, and changed source and milestone)
    ** Shares of Indraprastha Gas  IGAS.NS  fall as much as 4.8%
to 408.40 rupees 
    ** UBS cuts rating on the gas distributor's stock to "sell"
from "buy" and lowers PT to 400 rupees from 630 rupees
    ** The brokerage's PT of 400 rupees is ~4% lower than
stock's current price 
    ** UBS sees lacklustre volume growth of IGL in near term;
core business at risk over long term
    ** Stock set for worst day since Oct 26, if losses hold, as
Jefferies downgraded to "hold" and cut PT to 465 rupees from 565
rupees on Oct 19
    ** Avg rating of 30 analysts at "buy"; median PT is 455
rupees, ~9% higher than current price - LSEG data
        

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