Shares of Indraprastha Gas have been buzzing in trade after Nomura upgraded the stock to buy, seeing a 45 percent upside.

In an interview with CNBC-TV18, AK Jana, MD of IGL, said the company has seen has seen a sharp bounceback in volumes.

“We are selling 80 percent of volumes compared to before," he said, adding that domestic CNG sales were at 120 percent while industrial sales were at 80 percent.

"My projection is that by mid of Q3, we will be surpass the last year’s average sale of 6.5 mmcmd,” he said.