Buy Gujarat State Petronet, target price Rs 350: IIFL

IIFL has buy call on Gujarat State Petronet with a target price of Rs 350. The current market price of Gujarat State Petronet is Rs 333.55. 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 18824.91 Crore) operating in Gas & Petroleum sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 3790.79 Crore, up 14.65 % from last quarter Total Income of Rs 3306.35 Crore and up 19.34 % from last year same quarter Total Income of Rs 3176.49 Crore. Company reported net profit after tax of Rs 555.43 Crore in latest quarter.

Investment Rationale
Stock has given a rising channel pattern breakout on the daily chart.


Promoter/FII Holdings
Promoters held 37.6 per cent stake in the company as of March 31, 2021, while FIIs held 17.2 per cent, DIIs 30 per cent and public and others 15.2 per cent.