Brokerages keep faith in GAIL despite disappointing Q3 results
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In the December quarter, the state-owned gas utility company’s standalone net profit tanked 92 percent to Rs 245 crore from Rs 3,287 crore in the year-ago period
The market shrugged aside GAIL India’s disappointing third-quarter results with the stock recouping early losses to gain around three percent intraday as brokerage firms indicated that scrip could be a good buy at this point in time.
At 11.48 am, shares of GAIL were trading at Rs 97.25, up 2.4 percent, on the BSE.
Motilal Oswal Financial Services said the stock is trading at around 27 percent discount to its one-year forward long-term P/E (Price to Earnings) average. The brokerage firm has a ‘buy’ rating on the stock with a target price of Rs 115.
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