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Gujarat Gas - Nov 25, 2020 - Angel Broking

Posted On: 2020-11-25 06:10:44 (Time Zone: Arizona, USA)


Mr. Yash Gupta - Equity Research Associate, Angel Broking Ltd

"Buy "Rating" on Gujarat gas, Gujarat gas has outperformed in Q2FY21 in terms of volume growth, Gujarat gas reported volume growth of 6.4% while Mahanagar gas and Indraprastha gas have reported negative growth of 37% and 16% respectively. Gujarat gas volumes are back to pre-covid levels as strong demand from industrial sector, 80% of total volume comes from industrial. Industrial demand is very strong in Morbi. Morbi ceramic to get further boost as strong demand from USA as they have imposed 200%-300% of import duty on Chinese ceramic. Company also ramping up its capacity at Morbi to enable it to handle 8 MMSCMD against current capacity of 5.9 MMSCMD. Company has clock highest margin in Q2FY21 due to the benefit of lower imported price of LNG, we expect margin to sustain for the time being. LNG import to increase in Gujarat ports as incremental demand in the state, along with this Gujarat gas to add new geographical areas."

Shares of Gujarat Gas Ltd was last trading in BSE at Rs.337.95 as compared to the previous close of Rs. 334.15. The total number of shares traded during the day was 186242 in over 8102 trades.

The stock hit an intraday high of Rs. 345.7 and intraday low of 334.95. The net turnover during the day was Rs. 63376162.


Source: Equity Bulls

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