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Buy Gujarat Gas; target of Rs 403: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Gujarat Gas has recommended buy rating on the stock with a target price of Rs 403 in its research report dated January 07, 2020.

January 07, 2021 / 13:17 IST
     
     
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    Prabhudas Lilladher's research report on Gujarat Gas

    We hosted a call with one of the largest ceramic tile player in Morbi to better understand demand dynamics in domestic and export markets. Demand traction remains robust led by 1) revival in domestic housing market supported by govt. initiated liquidity measures and 2) strong export demand given cost competitiveness along with opening of new markets in US and Brazil. Improved ceramic market demand augurs well for GGAS as Morbi accounts for over 60% of total sales volumes. Also, ban on competing dirty fuel has led to restricted competition with propane in summer months, thereby improving GGAS’s margin visibility.

    Outlook

    Rising pollution in industrial zones is likely to drive gas usage. Reiterate BUY with a PT of Rs403.

    For all recommendations report, click here

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    Broker Research
    first published: Jan 7, 2021 01:17 pm

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