GAIL’s stock rose a little over 4 percent on Monday morning as investors cheered its good results for the quarter.
The stock touched an intraday high of Rs 378.60 and an intraday low of Rs 362.80.
Brokerage house JPMorgan has maintained a neutral stance on the stock and raised target to Rs 360 from Rs 330. It observed that strong crude drove record marketing EBITDA. Potential near-term catalyst is tariff hikes
CLSA has maintained a buy call on the stock and raised target to Rs 435 from Rs 405. It said that the June quarter was a beat on all fronts. US LNG drives sharply higher gas trading profits and lower operating expenditure. All segments outperformed other than gas transmission, it added.
The company's Q1 net profit increased by 23 percent at Rs 1,259 crore on the back of strong revenue income and operating performance. It reported net profit of Rs 1,021 crore in the quarter ended March 2018.
Revenue of the company rose 12 percent at Rs 17,299 crore against Rs 15,431 crore.
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) was up 32.3 percent at Rs 2,244 crore, while margin was up at 13 percent.
At 11:49 hrs GAIL India was quoting at Rs 376.95, up Rs 14.15, or 3.90 percent, on the BSE.
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