Gas distribution stocks in focus; Indraprastha Gas hits new high

IGL, MGL and Gujarat Gas were up in the range of 4% to 6% on the BSE in intra-day trade

Shares of city gas distribution companies (CGD) such as Indraprastha Gas (IGL), Mahanagar Gas (MGL) and Gujarat Gas have rallied by up to 6% on the BSE in intra-day trade in an otherwise subdued market.

IGL, the largest gainer among the CGD pack, hit a new high of Rs 332, up 6% on the BSE. MGL and Gujarat Gas were up 4% at Rs 1,151 and Rs 878, respectively, in intra-day trade. On comparison, the S&P BSE Sensex was down 0.09% at 33,693 at 10:40 AM.

Analysts at Dolat Capital Market, retained ‘accumulate’ rating on IGL with target