Brokerages are Bullish on GAIL

Brokerages are Bullish on GAIL
Brokerages are Bullish on GAIL

By Aditya Raghunath — As gas prices in India continue to go up, brokerages have got more bullish on GAIL Ltd (NS:). Multiple brokerages have increased their target prices on the stock.

Motilal Oswal Financial Services Ltd (NS:) has given the stock a target of Rs 205 for GAIL. It has revised upwards its earnings by around 15% and says GAIL is its top pick in the large-cap category. The firm says that despite an outperformance of around 23% in CY21 and around 49% in the last six months, the stock is trading at a 28% discount to its 1-year forward long-term PE average.

Goldman Sachs (NYSE:) has given GAIL a target of Rs 195. It expects gas prices to go up to $2 per mmbtu in FY22 and up to $3.8 in FY23. This should give a solid boost to GAIL stock.

ICICI Securities has given GAIL a target of Rs 184. The biggest risk for GAIL would be a fall in oil prices according to brokerages.

GAIL reported a consolidated total income of Rs 15,882.82 crore for the March 2021 quarter, down 12.15% from Rs 18,078.73 crore that it reported in the corresponding quarter last year. It reported a net profit of Rs 1,416.65 crore in the March 2021 quarter.

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