GAIL gets an upgrade from Kotak Institutional Equities. What should investors do?
State-owned gas distributor GAIL has received an upgrade from Kotak Institutional Equities as the brokerage expects earnings to improve led by higher tariff hikes sooner.
Driven by higher tariff assumption, Kotak has raised the overall EBITDA estimates 27%/12% and PAT estimates by 33%/15% for FY24/25E. The brokerage has upgraded the stock from “sell” to “reduce” with a target price of Rs 95.
