GAIL India has target of Rs 424.90: Irani

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GAIL India has target of Rs 424.90: Irani

GAIL India has day target of Rs 424.90, says Mehraboon Irani, VP-PMS, Centrum Broking.

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GAIL India has day target of Rs 424.90, says Mehraboon Irani , VP-PMS, Centrum Broking.

Irani told CNBC-TV18, "For Gail my target for the day is Rs 424.90 and we have a target as high as 505 for the stock. The company is expected to announce bumper Q4 results with atleast a 30% rise in the bottom line. Utilization level has gone up from 60 to 90 % for the company with hardly any increase in costs, the fertilizer sector itself contributing around 30 mmscmd."

He further added, "Their subsidy burden should be low than the first half of the year and if the Kirit Parikh committee recommendation are taken, this will be treated as an upstream company and no subsidy burden henceforth. Petrochemical prices have gone up by 28% YoY with not much increase in costs, so all these are many reasons apart from the fact the Q4 results should be great. I have a holding in this company and I have invested in this for my clients. I will continue to buy and I see very decent prospects for the company in the days ahead."

GAIL has touched an intraday high of Rs 424.00 and an intraday low of Rs 417.80. At 14:07 hrs the share was quoting at Rs 419.50, up Rs 1.45, or 0.35% with volumes of 143,091 shares. Yesterday the share closed up 2.35% or Rs 9.60 at Rs 418.05.

The company touched its 52 week high Rs 449.40 and 52 week low Rs 215.30 on 19 Jan, 2010 and 12 Mar, 2009, respectively. Currently, it is trading -6.65% below its 52-week high and 94.84% above its 52-week low. Market capitalisation stands at Rs 53,212.63 crore.