{"id":112334,"date":"2023-10-20T11:27:38","date_gmt":"2023-10-20T05:57:38","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=112334"},"modified":"2023-10-20T11:28:49","modified_gmt":"2023-10-20T05:58:49","slug":"midcap-stock-crashes-10-after-analyst-downgrades-it-from-buy-to-hold-check-here-to-know-why","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/midcap-stock-crashes-10-after-analyst-downgrades-it-from-buy-to-hold-check-here-to-know-why\/","title":{"rendered":"Midcap stock crashes 10% after Analyst downgrades it from buy to hold; Check the reasons here"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3217279238\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Shares of this midcap gas distribution company fell by 9.90 percent after Jefferies downgrades and cut target price by 3 percent.\u00a0<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3980917171\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>At 10:30, 20th October shares of <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/IGL\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Indraprastha Gas Ltd<\/a><\/strong> were trading at Rs. 412.35 per share, down by 9.90 percent from previous closing price of Rs. 457.65 per share.\u00a0<\/p><p>Such bearish stock price movements were observed after the Jefferies (an American multinational independent investment bank and financial services company) downgrades to \u201chold\u201d from \u201cbuy\u201d and also lowered the target price by 3 percent to Rs. 465 per share from 565 per share.&nbsp;<\/p><p>Reason for this downgrade is Indraprastha Gas Ltd is a city gas distribution company catering to 1.1 million CNG vehicles in Delhi and NCR and Cab aggregators make up about 30 percent of the volumes for business. <\/p><div class=\"trade-content_5\" id=\"trade-897282525\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Recently, the Delhi government approved the electric vehicle policy for cab aggregators and delivery services and this would directly affect the company&#8217;s gas distribution business.\u00a0<\/p><p>Looking at the financials of the company, revenue increased by 6.56 percent to Rs. 3,761.85 crores in Q1FY24 from Rs. 3,530.34 crores in Q1FY23, profit increased by 8.47 percent to Rs. 521.99 crores from 481.24 crores in same timer period.&nbsp;<\/p><p>Talking about the profitability ratios, the company reported return on equity (ROE) of 21.13 percent and return on capital employed (ROCE) of 27.7 percent in the last financial year.&nbsp;<\/p><p>Incorporated in the year 1998, Indraprastha Gas Limited (IGL) is engaged in the business of city gas distribution in Delhi. IGL is a joint venture company promoted by GAIL (India) Limited and Bharat Petroleum Corporation (BPCL).&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by: Vinit Israni&nbsp;<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-3610776738\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Shares of this midcap gas distribution company fell by 9.90 percent after Jefferies downgrades and cut target price by 3 percent.\u00a0 At 10:30, 20th October shares of Indraprastha Gas Ltd were trading at Rs. 412.35 per share, down by 9.90 percent from previous closing price of Rs. 457.65 per share.\u00a0 Such bearish stock price movements [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":50355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[7807,12215,948,936,13532],"class_list":["post-112334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-indraprastha-gas-latest-news","tag-indraprastha-gas-share-price","tag-stock-market","tag-stock-market-news","tag-why-is-indraprastha-gas-share-falling"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Midcap stock crashes 10% after Analyst downgrades it from buy to hold; 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