GAIL India rose 2.58% to Rs 261.80 at 11:24 IST on BSE after broker Morgan Stanley rated it 'overweight', citing the irreplaceable assets of the virtual monopoly.
The stock hit a high of Rs 262.40 and a low of Rs 247 so far during the day. The stock had a 52-week high of Rs 555 on 1 January 2008 and a 52-week low of Rs 225.10 on 10 October 2008.
The large-cap state-run gas distributor has an equity capital of Rs 1268.48 crore. Face value per share is Rs 10.
The current price of Rs 261.80 discounts its Q1 June 2008 annualised EPS of Rs 28.28, by a PE multiple of 9.25.
According to Morgan Stanley, the company is best positioned to take advantage of higher supply of natural gas, which is expected to increase by 150% over the next four years.
GAIL India’s net profit surged 30.9% to Rs 896.87 on 35% increase in sales to Rs 5730.71 crore in Q1 June 2008 over Q1 June 2007.
The company distributes natural gas and processes petrochemicals.
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