ICICI Direct has given Hold recommendation for Gujarat Gas with a target price of Rs. 735 in its research report issued on Aug 09, 2021

ICICI Direct’s research report on Gujarat Gas

Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers. Sales volume grew at 15% CAGR in FY17-21 driven by industrial PNG The company benefitted from NGT order for Morbi industrial area

Outlook

On account of the sharp run up in stock price, we downgrade our rating from BUY to HOLD on the stock We value GGL at Rs 735 i.e. 28x P/E on FY23E EPS

 

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