Buy Indraprastha Gas, target price Rs 503.8: ICICI Direct

ICICI Direct has buy call on Indraprastha Gas with a target price of Rs 503.8. The current market price of Indraprastha Gas is Rs 495.7.Time period given by analyst is Intra Day when Indraprastha Gas price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 493.1.

Indraprastha Gas, incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 34646.54 Crore) operating in Gas & Petroleum sector.

Indraprastha Gas key Products/Revenue Segments include Gas Natural and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 3752.62 Crore, down -.37 % from last quarter Total Income of Rs 3766.55 Crore and up 51.30 % from last year same quarter Total Income of Rs 2480.31 Crore. Company has reported net profit after tax of Rs 329.75 Crore in latest quarter.

Investment Rationale
Price resuming uptrend after consolidating above 13 day EMA suggesting further upward momentum in coming sessions.

Promoter/FII Holdings
Promoters held 45.0 per cent stake in the company as of 31-Mar-2023, while FIIs owned 21.27 per cent, DIIs 20.28 per cent.