BSE. Gujarat Gas share price opened at ₹570.70 against the previous close of ₹580.85 and soon declined 6 per cent to hit the level of ₹546. Around 9:30 am the stock traded 4.27 per cent lower at ₹556.05 on the BSE.
The stock has been witnessing volatility after declaring its December quarter result on February 13. The stock fell 0.3 per cent on February 14 and jumped about 4 per cent in the next session on February 15. It is trading lower today.
Gujarat Gas share price hit its 52-week low of ₹397.20 on October 26 last year. As per the stock's February 15 close, the stock is up 46 per cent from its 52-week low level. The stock hit its 52-week high of ₹620.60 on February 7 this year.
The stock is 6 per cent down from its 52-week high level as of February 15 close. Gujarat Gas reported a standalone net profit after tax (PAT) of ₹220.34 crore for Q3FY24, down almost 41 per cent against a profit of ₹371.26 crore in the same quarter last year. Revenue from operations for the quarter, however, rose nearly 7 per cent year-on-year to ₹4,084.26 crore.
In the same quarter last year, the company's revenue from operations stood at ₹3,821.28 crore. Also Read: General Elections 2024 Stock Picks: IRCTC, SBI among top 10 picks for this season; to offer 10-20% potential upside After the company's Q3 earnings, brokerage firm Emkay Global Financial Services downgraded Gujarat Gas stock to a 'sell' from a 'reduce', pegging the target price at ₹440. "We downgrade Gujarat Gas to sell from reduce, with an unchanged Dec-24E DCF-based target price of ₹440 primarily due to uncertain Morbi volume outlook and volatile margin profile amid expensive valuations (trading at nearly 27 times Dec-25E EPS versus peers at nearly 15 times)," said Emkay.
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