Buy Gujarat State Petronet, target price Rs 240: Kotak Securities

Kotak Securities has buy call on Gujarat State Petronet with a target price of Rs 240. The current market price of Gujarat State Petronet is Rs 231.2. Time period given by analyst is Intra Day when Gujarat State Petronet Ltd. price can reach defined target.

Gujarat State Petronet Ltd., incorporated in the year 1998, is a Mid Cap company (having a market cap of Rs 13081.24 Crore) operating in Gas & Petroleum sector.

Gujarat State Petronet Ltd. key Products/Revenue Segments include Income From Transportation Services, Electricity and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 5117.27 Crore, down -7.39 % from last quarter Total Income of Rs 5525.88 Crore and up 34.99 % from last year same quarter Total Income of Rs 3790.79 Crore. Company reported net profit after tax of Rs 660.31 Crore in latest quarter.

Investment Rationale
Formed a Cup & Handle chart pattern and breakout from the resistance is possible for further up move.

Promoter/FII Holdings
Promoters held 37.63 per cent stake in the company as of 30-Jun-2022, while FIIs owned 16.54 per cent, DIIs 21.79 per cent.