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Reliance Securities maintains buy on Gail (India), target price Rs 154

Buy GAIL (India) Ltd. at a price target of Rs 154.0 .

Last Updated: Nov 21, 2019, 08.23 AM IST
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Reliance Securities has maintained a Buy rating on Gail (India) in the long term with a target price of Rs 154. Shares of Gail (India) closed 0.8% lower at Rs 124 on Wednesday while the BSE Sensex closed 181.94 points up at 40,651.64.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 18235.45 crore, down -1.26% from last quarter sales of Rs 18467.44 crore and down -5.73 % from last year same quarter sales of Rs 19342.88 crore. The company has reported net profit after tax of Rs 849.27 crore in the latest quarter.

Investment Rationale

Gail posted improved volume performance in quarter ending September with natural gas transmission growing 7% year-on-year. Also, petrochemical facility utilisation touched a new high of 112% in September quarter. However, Gail sold contracted LNG at lower price in spot market, for which its gas marketing margin fell during the quarter.

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