/Buy Indraprastha Gas, target price Rs 570: Edelweiss

Buy Indraprastha Gas, target price Rs 570: Edelweiss

Edelweiss has buy call on Indraprastha Gas with a target price of Rs 570.0. The current market price of Indraprastha Gas Ltd. is Rs 511.1.

Indraprastha Gas Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 35777.04 Crore) operating in Gas & Petroleum sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 1440.74 Crore, up 125.62 % from last quarter Sales of Rs 638.57 Crore and down -14.87 % from last year same quarter Sales of Rs 1692.45 Crore. Company reported net profit after tax of Rs 351.61 Crore in latest quarter.

Investment Rationale
The stock has broken out of the trading range of Rs 500-470. Volumes on breakout are above average, adding to the confidence in the breakout. Positive crossover in the RSI also indicates that positive momentum should continue.

Promoter/FII Holdings
Promoters held 45 per cent stake in the company as of Sept 30, 2020, while FIIs held 21.3 per cent, DIIs 7.4 per cent and public and others 26.3 per cent.

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