India's Gujarat Energy hits nearly 3-month high after quarterly profit jump

Gujarat Energy

02/06/2026 05:31

** Shares of Indian gas distribution co Gujarat Energy GGAS.NS rise as much as 6.33% to 423.9 rupees, highest since 12 March
** GGAS last up 3.9%
** Co extends gains from Monday; had reported 11x y/y rise in quarterly profit on May 30
** Jefferies ("hold", PT 415 rupees) flags near-term boost due to propane shortages in Morbi, which co has pledged to support
** Brokerage sees favourable conditions sustaining as long as shipping remains disrupted in the Strait of Hormuz
** Ambit Capital ("buy", PT 459 rupees) expects city gas distribution volume growth of 12.7% over FY26-30
** GGAS on avg rated "hold" by 28 analysts; median PT is 443 rupees - LSEG-compiled data 
** Shares flat YTD

 (Reporting by Abhirami G in Bengaluru)
 ((abhirami.g@thomsonreuters.com))