India's Indraprastha Gas gains as UBS upgrades to 'buy', hikes PT

Indraprastha Gas

17/09/2024 06:07

** Shares of Indraprastha Gas  IGAS.NS  rise 4.9% to 555.8
rupees, set for their best day since early June, if gains hold  
    ** Brokerage UBS upgrades rating on stock to "buy" from
"sell", sets Street high PT of 700 rupees 
    ** New PT at 32% premium of stock's last close 
    ** "We note some improvement in volume growth for H1CY24 vs
H2CY23, CNG station additions have accelerated with growing CNG
vehicles fleet, slower electrification pace," says UBS 
    ** Sees inorganic growth opportunities including acquisition
options of smaller emerging sellers, to aid IGAS' volume
expansion 
    ** Stock eyes busiest trading session since late-June,
volumes at 4.4x the 30-day avg 
    ** Analysts' avg rating on stock is "hold", median PT is
537.5 rupees - LSEG data 
    ** Indraprastha stock up ~33% YTD 
    

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))