"We prefer companies with higher exposure to CNG, which should see the fastest growth in the value chain," Axis Capital wrote in its note. Shares of IGL are trading 3.3% higher at ₹199.6, but are ...
Furthermore, the brokerage noted that competitive CNG prices compared to auto fuels should support robust volume growth for MGL and IGL at a CAGR of 12% and 9%, respectively, over FY24-27E.
The shares of city gas distributors Indraprastha Gas (IGL) and Mahanagar Gas (MGL) surged over 3 percent on March 20 after Axis Capital issued bullish calls for the two stocks and suggested target ...