Buy Indraprastha Gas, target price Rs 565: Chandan Taparia

Chandan Taparia of Motilal Oswal has buy call on Indraprastha Gas with a target price of Rs 565. The current market price of Indraprastha Gas Ltd. is Rs 542.4.

Indraprastha Gas Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 37975.04 Crore) operating in Gas & Petroleum sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 1472.07 Crore, up .07 % from last quarter Total Income of Rs 1471.05 Crore and down -13.50 % from last year same quarter Total Income of Rs 1701.73 Crore. Company reported net profit after tax of Rs 334.87 Crore in latest quarter.


Investment Rationale
Price volume breakout on daily scale and came out of its range surpassing 50 DMA

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.