This Oil & Gas Sector Stock Picked By Sharekhan, Suggest Buy For High 
Return, Target Price Rs 620

This Oil & Gas Sector Stock Picked By Sharekhan, Suggest Buy For High Return, Target Price Rs 620 { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

Sharekhan has placed a " Buy" on Gujarat Gas Ltd ( GGAS) with a target price of Rs 620 apiece.

With the given target price, the stock is likely to rise 23% from its current level. This is a midcap Oil & gas Sector company.

It is India's largest City Gas Distribution ( CGD) Company in terms of sales volume operating in 44 districts in 6 states of Gujarat, Maharashtra, Rajasthan, Haryana, Punjab & Madhya Pradesh and 1 Union territory of Dadra & Nagar Haveli.

The stock of Gujarat Gas last traded at Rs 507.40 apiece, up 0 .65% from the previous close. It has fallen 11 .41% in the past 1 year. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

The stock recorded its 52 week high on 23 February 2022 at Rs 654.25 apiece and 52 week low on 23 June 2022 at Rs 403.55 apiece, respectively.

It has a market capitalisation of Rs 34,928.91 crore.

Buy for a target price of Rs 620/ Share

Gujarat Gas Limited's volume outlook is expected to improve considerably as a recent steep increase in propane price would make industrial PNG (I-PNG) price competitive versus propane. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

Recovery in I-PNG volume and recent steep fall in spot LNG price would act as key earnings recovery catalysts for GGAS.

The stock has been picked from the brokerage report of Sharekhan. { "selector": ".imagebox-wrapper", "duration": "3912ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.11736)"] } }

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By Shubham Kumar Goodreturns source: goodreturns.in Dailyhunt View more