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Buy Gujarat State Petronet; target of Rs 375: ICICI Securities

ICICI Securities is bullish on Gujarat State Petronet has recommended buy rating on the stock with a target price of Rs 375 in its research report dated August 27, 2022.

September 27, 2022 / 02:59 PM IST
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ICICI Securities research report on Gujarat State Petronet


Demand prospects remain muted in Gujarat across sectors, be it power or CGD. As a result, contracted transmission flows have shrunk to <27mmscmd in Q2FY23-TD and are unlikely to see much traction in the near term. Lack of traction would be due to: 1) the widening differential between LPG and gas, and 2) weak economics of gas usage for power at current LNG rates. Nevertheless, ‘use or pay’ charges and some opportunistic trading of cargoes bought in Jun’22 at <US$30/mmbtu (in an environment of US$40-45/mmbtu spot prices) are likely to help keep earnings resilient over the near term.



Outlook


We revise our FY23E and FY24E EPS by -11/-5% while longer-term volume and tariff adjustments drive a 10% increase in the target price to Rs375/sh. Reiterate BUY.


More Info


At 14:53 hrs Gujarat State Petronet was quoting at Rs 230.65, up Rs 8.65, or 3.90 percent.


It has touched an intraday high of Rs 232.85 and an intraday low of Rs 222.40.


It was trading with volumes of 26,832 shares, compared to its thirty day average of 64,759 shares, a decrease of -58.57 percent.


In the previous trading session, the share closed down 5.01 percent or Rs 11.70 at Rs 222.00.


The share touched its 52-week high Rs 336.30 and 52-week low Rs 209.45 on 19 October, 2021 and 24 June, 2022, respectively.


Currently, it is trading 31.42 percent below its 52-week high and 10.12 percent above its 52-week low.


Market capitalisation stands at Rs 13,013.54 crore.


For all recommendations report, click here


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Gujarat State Petronet - 270922 - isc

Broker Research
first published: Sep 27, 2022 02:59 pm