November 6, 2018 / 6:05 AM / 7 months ago

BUZZ-GAIL India hits over 1-mth high on strong Sept-qtr results

** Shares of GAIL (India) Ltd rise as much as 2.69 pct to 382 rupees, their highest since Oct 3

** The state-run gas utility on Monday reported a 50 pct jump in Q2 profit at 19.63 bln rupees ($268.79 mln)

** High oil prices, stable U.S. gas prices and improved regulatory environment in gas transmission in India augur well for GAIL, ICICI Securities said in a note

** ICICI Securities raised FY19-FY20 EPS by 5 pct-8 pct; TP to 459 rupees from 423 rupees earlier, while maintaining a “buy” rating on the stock

** Improving gas supplies and regulatory clarity on its pipeline tariffs to provide growth visibility for GAIL beyond this decade, HSBC said, raising the stock’s TP to 486 from 483 and reiterating a “buy” rating

** 28 of 34 brokerages covering the stock have a “buy” or equivalent rating on it, while six have “hold”; median TP of 429 rupees - Refinitiv data

** Stock down 0.7 pct this year as of last close ($1 = 73.0300 Indian rupees)

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