IGL gets an upgrade from UBS, MGL

Global brokerage firm UBS has upgraded Indraprastha Gas Ltd. (IGL) to a 'Buy' rating from its previous 'Sell' stance, raising the price target to Rs 700 from Rs 400 per share earlier.

The revised price target suggests a potential increase of almost 32% from Monday's closing levels. UBS stated that IGL's strong short-term fundamentals are now supported by promising inorganic growth opportunities. Their previous bearish forecast was based on slower volume growth in recent quarters and concerns about potential risks from electrification.

UBS has maintained its 'Buy' rating on Mahanagar Gas Ltd. (MGL), raising the target price to Rs 2,400 from Rs 1,600 per share earlier.