External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

<ul><li>The Mahanagar Gas (MGL) stock price has increased by ~6% during the last three months, and the stock price of Indraprastha Gas (IGL) has corrected ~2% during the same period</li><li>Both the stocks have outperformed the Sensex by 14% and 6%, respectively, during the period</li><li>This outperformance could be attributed to the partial reversal of the earlier reduction in domestic gas allocation to the CGD sector</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Mahanagar Gas (MGL) stock price has increased by ~6% during the last three months, and the stock price of Indraprastha Gas (IGL) has corrected ~2% during the same periodBoth the stocks have outperformed the Sensex by 14% and 6%, respectively, during the periodThis outperformance could be attributed to the partial reversal of the earlier reduction in domestic gas allocation to the CGD sectorContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

City Gas Distribution: CNG vehicle registrations continue to remain strong

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

<ul><li>The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the company in December 2024</li><li>We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins, supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector</li><li>With the diversion of APM gas from LPG production to CGD sector, we expect (lower) further price hikes by IGL in the near term</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the company in December 2024We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins, supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sectorWith the diversion of APM gas from LPG production to CGD sector, we expect (lower) further price hikes by IGL in the near termContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning Maintain BUY

<ul><li>The Indraprastha Gas (IGL) stock price has corrected ~35% over the last 3M and underperformed the Sensex by ~33% due to the adverse impact on profitability expected to be caused by the reduction in APM gas allocation to city gas distributors</li><li>We maintain our BUY recommendation on Indraprastha Gas (IGL) with a revised target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector</li><li>We expect IGL to undertake further price hikes in the near term to pass on the impact of lower APM gas allocation, which, in turn, could adversely impact volume growth in FY26E</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Indraprastha Gas (IGL) stock price has corrected ~35% over the last 3M and underperformed the Sensex by ~33% due to the adverse impact on profitability expected to be caused by the reduction in APM gas allocation to city gas distributorsWe maintain our BUY recommendation on Indraprastha Gas (IGL) with a revised target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sectorWe expect IGL to undertake further price hikes in the near term to pass on the impact of lower APM gas allocation, which, in turn, could adversely impact volume growth in FY26EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indraprastha Gas: APM Gas Allocation Cut Poses Profit Challenges. Maintain BUY

India

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

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Indraprastha Gas (IGL IN)

City Gas Distribution: CNG vehicle registrations continue to remain strong

The Mahanagar Gas (MGL) stock price has increased by ~6% during the last three months, and the stock price of Indraprastha Gas (IGL) has corrected...

HDFC Securities

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the...

HDFC Securities

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning Maintain BUY

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the...

HDFC Securities

Indraprastha Gas: APM Gas Allocation Cut Poses Profit Challenges. Maintain BUY

We believe CNG volume growth levers are in place to achieve 9% CAGR volume growth over FY24-27E. We reiterate a BUY rating on IGL with a target...

HDFC Securities

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52-week Range

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City Gas Distribution: CNG vehicle registrations continue to remain strong

The Mahanagar Gas (MGL) stock price has increased by ~6% during the last three months, and the stock price of Indraprastha Gas (IGL) has corrected...

HDFC Securities

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the...

HDFC Securities

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning Maintain BUY

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the...

HDFC Securities

Indraprastha Gas: APM Gas Allocation Cut Poses Profit Challenges. Maintain BUY

We believe CNG volume growth levers are in place to achieve 9% CAGR volume growth over FY24-27E. We reiterate a BUY rating on IGL with a target...

HDFC Securities

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas