Thursday, 13 November 2008

Buy Indraprastha Gas, target of Rs 154.5: Parag Parikh

Parag Parikh Financial Advisory Services has recommended a buy rating on Indraprastha Gas with a target price of Rs 154.5 in its November 1, 2008 research report. "For the quarter ended 30th September, 2008 Indraprastha Gas Limited (IGL) has posted 24.5% growth in net sales to Rs 2,166.7 million as compared to Rs 1,740.96 million for the quarter ended 30th September 2007. We have valued the company on DCF as well as PE multiple basis and recommend a BUY for the scrip at the current levels with a price target of Rs 154.5 giving an upside of 49.20%. At our target price, the stock will trade at 11.5x FY09 earnings," says Parag Parikh Financial Advisory Services' research report.

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Source: Moneycontrol

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