Nomura said the policy marked a structural shift from incentive-led to mandate-led EV adoption. CGDs may now need to start to aggressively pursue inorganic opportunities to grow volumes, it said.
Canara Bank Securities said that A trendline breakout has been successfully observed in Indraprastha Gas around the Rs 165 level, signalling a positive shift in momentum.
OMCs such as BPCL, HPCL and IOC may gain on lower under recoveries. Petronet LNG will see a positive impact on increased utilisation due to lower LNG price and availability of Qatar volumes.
Shares of IGL gained 5.95 per cent to Rs 170 on BSE. IGL provides CNG as auto fuel to residents of the areas of NCT of Delhi; districts Gautam Budh Nagar, Ghaziabad, Muzaffarnagar and Shamli.
Motilal Oswal Financial Services Ltd (MOFSL) said IGL's profit after tax (PAT) beat its estimate by 44 per cent at Rs 280 crore, even as it declined 21 per cent year-on-year (YoY).
Hindustan Petroleum Corporation Ltd fell 6.75 per cent to hit a low of Rs 325.70. Bharat Petroleum Corporation Ltd (BPCL) fell 4.23 per cent to Rs 290.85. Indian Oil Corporation Ltd (IOC) was down 2.09 per cent at Rs 145.40.
Petronet LNG plunged 11.69 per cent to Rs 273. The company has an existing LNG contract of 7.5 mmtpa with QatarEnergy. GAIL fell 6.08 per cent to Rs 155.05 and has an LNG supply contract of 1 mmtpa with the supplier.
Nomura retained its 'Buy' rating on Mahanagar Gas (MGL) with a target of Rs 1,510, and maintained a 'Reduce' rating on Gujarat Gas with a target price of Rs 390.
Tax tweak: MOFSL said Mahanagar Gas Ltd (MGL) would also record an Rs 0.3 per scm Ebitda margin gain, while Gujarat Gas is unlikely to see any substantial benefits.
Axis Securities said that With the current close, IGL has decisively surpassed the past three months' down sloping trendline resistance at Rs 218 levels, along with huge volumes.
Emkay Global suggested a 'Buy' rating on Mahanagar Gas (MGL) with a target of Rs 1,700. It has 'Add' rating on Indraprastha Gas (IGL) with a target of Rs 230 and 'Reduce' rating on Gujarat Gas with a target of Rs 480.




