Buy IGL With Stop Loss Of Rs 333, Technical analyst Jatinder Sharma has maintained ‘buy’ rating on Indraprastha Gas Limited stock with a 2-3 day target of Rs 360. According to analyst, the investors can purchase the stock with a stop loss of Rs 333.
The stock of the company, on December 06, closed at Rs 341.70 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 373.70 and a low of Rs 176 on BSE.
Current EPS & P/E ratio stood at 16.71 and 20.66 respectively.
Indraprastha Gas Ltd recorded a 17% increase in its net profit, which stood at Rs 66.27 crore for the three month period ended September 30 as against the net profit of Rs 56.80 crore during the same period of 2009.
The profit growth was mostly due to a 63% jump in sales, which stood at Rs 501.06 crore.
Sale of CNG to automobiles surged 19% to 1,556 lakh kgs whereas gas sold to families called piped natural gas remained up by 88%.
The sole supplier of CNG and piped gas in Delhi stated, “On an overall basis there is 27 per cent growth in sales volume to 2,458 lakh standard cubic meters during this quarter over the corresponding quarter of FY10.”
The company is making investment of Rs 3,000 crore on a massive expansion programme in Delhi plus in the neighboring Noida, Greater Noida and Ghaziabad areas by the next five years.
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