YES Securities has add rating on the stock with target of Rs 565 per share. “On the back of stronger gas sales momentum, we upgrade our estimates for FY22 and FY23 by 9 percent, leading to a revision in our target to Rs 565 per sh (from Rs 515 per share) leading to an upgrade in our rating to add from reduce,” it said.
![Gujarat Gas Gujarat Gas](https://stocksmarket.in/wp-content/uploads/2021/06/grey_bg-97.gif)
Gujarat Gas
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Gujarat Gas share price jumped over 5 percent in the morning session on June 2 after the company declared its March quarter results.
Net profits in the March 2021 quarter was up 40.09 percent at Rs 350.86 crore on the back of an expansion in sales as the company added 150 CNG stations, 100,000 households, 1.55m households and 350 industrial consumers during the full fiscal year.
Gujarat Gas Ltd reported a 28.18 percent YoY rise in consolidated net revenues for the March 2021 quarter at Rs 3,489.31 crore. On sequential basis, the net sales revenues were up by a slightly lower rate of 20.92 percent compared to total revenues in the December 2020 quarter at Rs 2,885.70 crore.
Full-year revenues for FY21 were -4.6 percent lower YoY at Rs 10,042 crore.
The stock was trading at Rs 570.30, up Rs 30.10, or 5.57 percent. It has touched an intraday high of Rs 576.60 and an intraday low of Rs 544.25.
The scrip also witnessed a spurt in volume by more than 4.67 times and was trading with volumes of 497,632 shares, compared to its five day average of 121,707 shares, an increase of 308.88 percent.
Brokerage firm YES Securities has add a rating on the stock with a target of Rs 565 per share. “On the back of stronger gas sales momentum, we upgrade our estimates for FY22 and FY23 by 9 percent, leading to a revision in our target to Rs 565 per share (from Rs 515 per share) leading to an upgrade in our rating to add from reduce,” it said.
Global research firm CLSA has downgraded to outperform from buy and has raised the target to Rs 570 per share. It is of the view that the company posted strong quarter but limited margin and valuation tailwinds are ahead. It has raised FY22-23 EPS estimates by 5-12 percent.
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