Indraprastha Gas Ltd (IGL) –Accumulate- Kotak
There is robust CNG demand due to high capacity busses, radio taxes and private cars and Indraprastha Gas Ltd started supplying CNG in adjoining areas of Delhi like Noida, Greater Noida, Ghaziabad, Gurgaon and Faridabad.
With adding industrial PNG customers in Noida and Greater Noida in Q4FY10, hence we revise FY10E EPS to Rs16.1 (up 7.3%) And introduce FY11 earning estimates with EPS of Rs19.0 on increased earnings visibility.
Due to 9% upside potential we maintain ACCUMULATE on IGL with increased price target of Rs200.
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