GAIL surged in trade on Monday (28 February) after Jefferies upgraded the stock to a buy and raised the target price to Rs 170 per share.
According to Jefferies, higher crude and gas prices will be positive for GAIL. It added that geopolitical developments in Europe could keep LNG prices elevated which could improve the company’s profitability in FY23.
The elevated crude prices are also likely to improve LPG realisations, Jefferies added.
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