Shares of gas distribution companies such as Indraprastha Gas (IGL), Gujarat Gas and Mahanagar Gas gained a lot of traction on Monday after global brokerage Jefferies initiated coverage on these stocks. The brokerage has a ‘buy’ rating on Indraprastha Gas and Gujarat Gas, and an underperform rating for Mahanagar Gas.
Shares of Indraprastha Gas rose 1.2 percent to Rs 268.50, Gujarat Gas gained 2.4 percent to Rs 634.95 while Mahanagar Gas was down 2.1 percent to Rs 840 on the Bombay Stock Exchange.
Indraprastha Gas, according to the brokerage, has witnessed double volume growth over the last few years and Jefferies expects the trend to continue and expect Indraprastha Gas to clock volume Read More
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