GAIL (India) Ltd investors were in for a rude shock after the tariff revision for its Hazira-Vijaipur-Jagdishpur (HVJ) pipeline came in much lower than expected. After dropping over 10% on Thursday, GAIL shares extended losses for a second day, falling nearly 1% to Rs 313.65.
Brokerages also cut their earnings estimates for the company. CLSA downgraded the stock to under perform and cut its target price to Rs 365 from Rs 420 citing the disappointing tariff revision for GAIL’s key pipeline.
“The levelised tariff for integrated HVJ is Rs 41.11 per mBtu on a GCV (gross calorific value) basis,” oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) said in its order. Read More
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