/Buy Indraprastha Gas, target price Rs 600: Edelweiss

Buy Indraprastha Gas, target price Rs 600: Edelweiss

Edelweiss has buy call on Indraprastha Gas with a target price of Rs 600. The current market price of Indraprastha Gas Ltd. is Rs 519.35.

Indraprastha Gas Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 36333.54 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
After giving a major breakout by closing above Rs 500, IGL has given a follow through to the major breakout. There could be a minor resistance at Rs 530, which was the pre-Covid swing high.

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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