New Delhi, Sept. 9 -- Ellenbarrie Industrial Gases, one of India's leading industrial gas companies and a recent market debutant, saw its shares rise 2.6% in intraday trade on Tuesday, September 9, to Rs.552 apiece after Motilal Oswal gave a bullish outlook in its latest report.

Motilal Oswal cited robust capacity expansion, strong customer retention, and growing domestic demand for industrial gases as reasons to initiate coverage on the stock with a 'buy' rating and a target price of Rs.680, implying an upside of around 26.4% from the previous close.

India's industrial gas demand is projected to reach USD 1.75 billion by CY28 from USD 1.3 billion in CY24, at a CAGR of 7.5%, providing a favorable backdrop for Ellenbarrie's expansion str...