India's Indraprastha Gas gains after brokerages upgrade on better volume visibility

Indraprastha Gas

29/01/2025 06:09

** Shares of Indraprastha Gas Ltd  IGAS.NS  up 3.8% at 397.7
rupees 
    ** PhillipCapital upgrades stock rating to "buy" from
"neutral", hikes PT to 480 rupees from 475 rupees
    ** Says stock trading at reduced valuation after it saw
'significant correction' from Oct.16 to Nov. 16 when govt
reduced CNG gas supply for city gas entities 
    ** Adds that most part of the supply diverted has been
restored, which will bolster operating margins 
    ** Nirmal Bang upgrades IGAS to "hold" from "sell"; says
policy concerns have been mitigated 
    ** Jefferies upgrades to "buy" from "hold", raises PT to 505
rupees from 295 rupees
    ** Adds that IGAS has managed to tie up significant volume
of term LNG contracts off Henry Hub, which are better priced
than spot market LNG, restoring volume and margin visibility

    

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))