India's Indraprastha Gas gains after Axis Capital upgrades to 'buy'

Indraprastha Gas

20/03/2025 07:20

** Shares of Indraprastha Gas IGAS.NS rise 3.3% to 199.57 rupees apiece, after Axis Capital upgrades to "buy" from "add", citing strong volume growth prospects

** Axis Capital hikes target price to 244 rupees from 213 rupees, implying an upside of 16%

** Co set to benefit from a ramp-up in its new geographical areas, which should help drive a robust 8% CAGR in volumes over fiscal years 2025-27 -  Axis

** Adds valuation at F12M PE of 14.5x is also attractive after a 30% drop in six months and is at a discount of 25% to past 10-year average

** Average rating of 29 analysts tracking IGAS is "hold"; median target price is 216.25 rupees, according to data compiled by LSEG

** IGAS shares down 4% YTD compared to 6.5% drop in Nifty energy index .NIFTYENR

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))