NEW DELHI: Kotak Institutional Equities has reiterated its ‘sell’ rating on GAIL NSE 1.01 %, against consensus, with fair value of Rs 115. This, the brokerage says, is the lowest target on the Street.
While downgrading GAIL to ‘sell’ recently, the brokerage argued that the company faced headwinds in each of its key segments. The situation has worsened, it said in its latest note, adding that GAIL faces a triple whammy of gas allocation, tariff cut and spread reduction.
