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BUZZ-GAIL (India) hits 3-1/2-month high after Morgan Stanley raises rating
September 19, 2017 / 4:29 AM / 3 months ago

BUZZ-GAIL (India) hits 3-1/2-month high after Morgan Stanley raises rating

** Shares of GAIL (India) Ltd rise as much as 4.3 pct to 417.45 rupees, highest since May 31; stock among top pct gainers on NSE index

** Petronet LNG Ltd rises as much as 3.3 pct to a record high of 241.70 rupees

** India’s gas demand is on a secular growth path supported by benign gas prices, favourable govt policies. We expect gas infrastructure players and distributors to benefit - Morgan Stanley analysts

** “We expect the completion of the national gas grid and favourable government policies to support rapid earnings growth even beyond this decade,” say Morgan Stanley analysts

** Morgan Stanley raises rating to “overweight” from “underweight” for GAIL stock; raises target price to 522 rupees from 246 rupees

** Morgan Stanley raises target price to 306 rupees from 201.5 rupees for Petronet LNG stock; rating “overweight”

** Up to Monday’s close, GAIL had risen 21.5 pct while Petronet LNG had climbed 27.4 pct this year

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