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Shares of Gujarat State Petronet, and GAIL (India) jumped on tariff hike. Gujarat State Petronet Ltd, and GAIL (India) Ltd rose 4.05 per cent and 6.35 per cent, respectively.
The Petroleum & Natural Gas Regulatory Board has raised the tariff for DUPL-DPPL pipeline in Gujarat and Maharashtra for GAIL, and LP Gas Grid.
UBS says the revisions should help in removing the long standing overhang from gas transmission utilities and improve the earnings multiples. It estimates potential EPS increase of Rs 3 for Gujarat State Petronet and Rs 1.3 for GAIL. The brokerage has reiterated “buy” rating.
Kotak Institutional Equities has raised the price target to Rs 455 from Rs 440 with a “buy” rating. GAIL is the top percentage gainer on the NSE index. The stock recorded biggest intra-day percentage gain since August 16.
Around 3 million shares of Gujarat State Petronet shares changed hands in the first 45 minutes of trade vs 30-day average of around 420,000 shares. As of Thursday's close, GAIL gained 0.8 per cent this year, while Gujarat State Petronet shed 20.35 per cent.
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