GAIL hits over 1-month high on strong qtr results


GAIL hits over 1-month high on strong qtr results

Shares of GAIL (India) Ltd rose as much as 2.69 per cent to Rs 382, their highest since October 3 The state-run gas utility on Monday reported a 50 per cent jump in Q2 profit at Rs 1,963 crore.

High oil prices, stable US gas prices and improved regulatory environment in gas transmission in India augur well for GAIL, ICICI Securities said in a note ICICI Securities raised FY19-FY20 EPS by 5%-8% and fixed a price target of Rs 459 from Rs 423 earlier, while maintaining a “buy” rating on the stock.

Improving gas supplies and regulatory clarity on its pipeline tariffs to provide growth visibility for GAIL beyond this decade, HSBC said, raising the stock’s target price to Rs 486 from Rs 483 and reiterated a “buy” rating.

28 of 34 brokerages covering the stock have a “buy” or equivalent rating on it, while six have “hold”. The median target price for stock was Rs 429, Refinitiv data has stated. Read More

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