India's Gujarat Gas up on likely gains from propane custom duty hike

Indraprastha Gas

03/07/2023 09:08

** Shares of Gujarat Gas  GGAS.NS  rise as much as 5.8% to
492 rupees, mark sharpest intraday pct gain since May 11
    ** Analysts at Antique Stock Broking consider the recent
hike in custom duty on propane by Indian govt. a "big positive"
for GGAS; maintains "buy" rating with TP of 602 rupees
    ** Adds, the custom duty hike places GGAS in a favourable
position to regain lost market share to propane in Morbi
    ** Price hike in propane to offset price advantage against
LNG, benefiting firms like Gujarat Gas - Antique 
    ** Peer Indraprastha Gas  IGAS.NS  too has risen, up as much
as 2.36% at 484.50 rupees
    ** More than 4.6 mln shares of GGAS change hands by 1:20
p.m. IST, 4.2x 30-day avg of 1.1 mln shares
    ** 14 of the 27 analysts covering GGAS have a "buy" or
"strong buy" rating, 7 have "hold" while 6 rate it at "sell" or
"strong sell"; median PT is 533 rupees - Refinitiv data
    ** Including session's gain, stock pares some its losses,
last down 1.9% YTD


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))