ICICI Direct recommended hold rating on Gujarat Gas with a target price of Rs 150 in its research report dated January 15, 2019.
ICICI Direct's research report on Gujarat Gas
Gujarat Gas made an announcement to split shares with its Q2FY19 results on November 3, 2018. The Board approved the sub-division of equity shares of face value of Rs 10 each into five equity shares of face value Rs 2 each fully paid. The record date for the same is January 16, 2019 while the ex-date for the same is today i.e. January 15, 2019. Consequently, Gujarat Gas’ share price, as per yesterday's closing price, has dropped to Rs 133.6/ share from Rs 668/share. Currently, the stock is trading at Rs 147/share. Our target price has also been revised to Rs 150/share from Rs 750/share post-split.
We have a HOLD recommendation on the stock post the current run-up in the stock price.
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