Keynotes Financial Opiniery is bullish on IGL has recommended buy rating on the stock with a target price of Rs 340 in its research report dated March 19, 2019.
Keynotes Financial Opiniery's research report on IGL
Incorporated in 1998, IGL is a Joint Venture of GAIL and BPCL. Govt of NCT of Delhi is also holding 5% equity. The company was listed in stock exchange in December 2003. IGL started its operations in NCT of Delhi in 1999 with only 9 CNG stations and 1000 PNG consumers. Today IGL has its operations in NCT of Delhi, Noida, Greater Noida, Ghaziabad and Rewari with 463 CNG stations, 10.29 lacs residential consumers and 4100 industrial/ commercial consumers. Fueling the largest CNG Bus fleet in the world.
Outlook
On the basis of Discount Cash Flow Valuation Method, we are recommending ‘Buy’ for the stock. Since the stock offers good opportunity, we initiate a ‘BUY’ signal on the stock with 12-month price target of Rs 340/- share an upside of 20% from current levels.
For all recommendations report, click here
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