GAIL Share Price Rises After Q2FY24 Earnings Report

GAIL Share Price Rises After Q2FY24 Earnings Report

VoM News Desk | November 1, 2023 | 11:14 AM IST | Breaking News | Follow on Google News

GAIL Share Price Rises After Q2FY24 Earnings Report

GAIL Share Price Rises After Q2FY24 Earnings Report

GAIL share price increased by almost 2% in early trade on BSE following the company’s Q2FY24 earnings report. The stock opened at ₹120.65, rose to ₹121.50, and then traded 0.71% higher at ₹120.40. Over the past year, GAIL’s shares have gained about 32%, outperforming the Sensex, which gained just over 4% during the same period.

Q2FY24 Earnings Report

GAIL (India) reported a 70.3% jump in its standalone net profit for Q2FY24, reaching ₹2,404.89 crore from ₹1,412 crore in the previous quarter. However, the company’s standalone revenue from operations in the second quarter declined 1.25% to ₹31,822.62 crore from ₹32,227.47 crore in the first quarter.

Brokerage Views

Most brokerage firms have retained their previous views on GAIL’s stock after the Q2 results. Motilal Oswal Financial Services maintained a buy call with a target price of ₹140, citing a stronger-than-expected performance. JM Financial also maintained a buy call and raised the target price to ₹140, highlighting steady growth and reasonable valuation. Emkay Global Financial Services has maintained a hold call with a target price of ₹125, considering factors such as volatility and regulatory risks.

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