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Credit Suisse raises target price on IGL, upgrades stock to 'outperform', here’s why

market | Nov 11, 2021 10:49 AM IST

Credit Suisse raises target price on IGL, upgrades stock to 'outperform', here’s why

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Credit Suisse has upgraded Indraprastha Gas Ltd (IGL) to 'outperform' from 'neutral', raising the target price to Rs 640 from Rs 550.

Credit Suisse has upgraded Indraprastha Gas Ltd (IGL) to 'outperform' from 'neutral', raising the target price to Rs 640 from Rs 550.

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The firm has turned constructive on the stock largely on the back of strong volume growth aided by new areas.
The company has guided for 15 percent volume compounded annual growth rate (CAGR) till FY24 which is higher than the Street's expectations of high single-digit CAGR growth.
Contrary to the Street fears of margin miss, Credit Suisse assumes that IGL will be able to pass on the higher gas input cost in April 2022 and maintain the margins.
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