CLSA upgrades IGL, raises price target on both IGL and MGL on favourable regulatory regime

Brokerage firm CLSA upgraded Indraprastha Gas to buy while raised its price target on both IGL and its peer Mahanagar Gas, driven by more favourable regulatory regime and pricing power.

The brokerage has upgraded state-owned IGL to ‘Buy’ and raised its price target to Rs 585 from Rs 420 earlier, reflecting potential gains of around 37 percent.

CLSA also raised the Earning Per Share (EPS) forecast to 6-15 percent led by expected double-digit volume growth.