GAIL India edges higher as CLSA retains ‘buy’ tag, expects over 30% upside

CLSA has upgraded GAIL India’s FY24-25 earnings per share (EPS) estimates by 14 percent, factoring in a 40 percent tariff hike proposed by GAIL India.

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Shares of GAIL India traded in the green on February 23 despite weak market conditions, driven probably by CLSA for retaining the ‘buy’ tag on the stock.

According to reports, the global research firm has raised its target on GAIL India to Rs 125 per share, which represents an upside of over 30 percent from the current market price. This indicates that CLSA is optimistic about the future prospects of GAIL India and believes that the stock has significant potential for growth.

At 10:40am, GAIL India traded at Rs 97.30, up Rs 1.75, or 1.83 percent, on the BSE. It has touched an intraday high of Rs 97.95 and an intraday low of Rs 96.30.

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The global research firm has upgraded GAIL India’s FY24-25 earnings per share (EPS) estimates by 14 percent, factoring in a 40 percent tariff hike proposed by GAIL India. According to the research firm, GAIL India’s proposed tariff would result in a 70 percent hike from FY22 blended tariff, and the final announcement on the tariff hike is likely to be made in mid-March.

In other news, GAIL India is reportedly looking to acquire a stake in a US liquefied natural gas export facility as part of a wider effort to secure supply to meet rising fuel demand. The company has released an expression of interest to acquire up to 26 percent equity in an existing LNG plant or a proposed facility that will be commissioned by 2027.

GAIL India is also in discussions with Abu Dhabi National Oil Co and Russia’s Novatek PJSC for long-term LNG deals, according to the company’s Chairman Sandeep Kumar Gupta.

For the quarter ended December 2022, GAIL India’s standalone profit after tax declined 92 percent on-year to Rs 245 crore, while revenue from operations increased 37.2 percent on-year to Rs 35,380 crore.

With agency inputs

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