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GAIL (India) hit 3-1/2-month high as Morgan Stanley has raised its rating on the company's stock.
Shares of GAIL (India) Ltd rose as much as 4.3 per cent to Rs 417.45, highest since May 31. The stock was among the top percentage gainers on the NSE index.
Petronet LNG Ltd rose as much as 3.3 per cent to a record high of Rs 241.70.
India's gas demand is on a secular growth path supported by benign gas prices, favourable government policies. We expect gas infrastructure players and distributors to benefit, say Morgan Stanley analysts
“We expect the completion of the national gas grid and favourable government policies to support rapid earnings growth even beyond this decade,” they say.
Morgan Stanley has raised its rating to “overweight” from "underweight” for GAIL stock. It has raised the target price to Rs 522 from Rs 246.
It has raised the target price to Rs 306 from Rs 201.5 for Petronet LNG stock and has raised the rating as “overweight".
Up to Monday's close, GAIL had risen 21.5 per cent, while Petronet LNG had climbed 27.4 per cent this year.
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