Mumbai: Shares of Gujarat Gas plunged 6.3% to close at ₹545 on Friday after the company’s net profit dropped in the December quarter from the same period a year ago. Though brokerages retained or raised share price targets on the stock, most analysts are bearish on the company’s near-term prospects.
Headwinds in demand due to disruptions at the Red Sea have impacted ceramic exports, the biggest consumers of the company, limiting the prospects for demand growth. However, the addition of 200 CNG stations is likely to support volume growth, said analysts.
