Buy Indraprastha Gas, target price Rs 520: Suruchi Kapoor

Suruchi Kapoor of Edelweiss Financial Services has a buy call on Indraprastha Gas Ltd. with a target price of Rs 520.0 . The current price of Indraprastha Gas Ltd. is Rs 466.6 Time period given by the analyst is Intra Day when Indraprastha Gas Ltd. price can reach defined target. . Suruchi Kapoor recommended to keep a stoploss at Rs 440 .

Indraprastha Gas Ltd., incorporated in 1998, has a market cap of Rs 32662.04 crore.

Investment Rationale


The stock formed higher top and higer bottom and directional oscillator ADX in positive crossover.

Financials

For the quarter ended December 31, 2019, the company reported consolidated sales of Rs 1664.17 crore, down -1.67 per cent from last quarter sales of Rs 1692.45 crore and up 10.19 per cent from last year same quarter Sales of Rs 1510.28 crore. The company reported net profit after tax of Rs 267.93 crore in the latest quarter.

Promoter/FII Holdings

Promoters held 45 per cent stake in the company as of third quarter ending December 31, 2019 while FIIs held 24.49 per cent, DIIs 20.74 per cent and public & others 9.77 per cent.