Gujarat Gas leads gainers
The top gainers and losers on the bourses are currently all midcap stocks. The gainers is currently led by Gujarat Gas, which declared very good earnings for Q4FY19 and was high on various brokerage and fund houses list.
The company reported a 77% (YoY) rise in net profit at Rs.116 crore on a 10% rise in revenue at Rs,1963 crore. It ended FY19 with a net profit of Rs.417 crore, up 43%.
During the year, it added 63 new CNG stations, the highest-ever in a year by the company. The firm commissioned its first CNG station in Narmada within four months of receiving city gas distribution licence. It went on to add some 1 lakh domestic cooking gas connections and 300 industrial customers.
The ban on coal-based gasifiers in Morbi, Gujarat by the National Green Tribunal on 6th March 2019, worked in the company’s favor as industrial sales volumes in Morbi have increased from mid-March 2019 and are currently flowing in the range of around 4.50 million standard cubic metre per day (mmscmd).
CLSA has put out a ‘buy’ call on the stock, increasing its target price by 30% to Rs.195 from Rs.150.