GAIL (India) slips after brokerage downgrade

GAIL (India) fell 0.70% to Rs 424.85 at 13:05 IST on BSE after foreign brokerage downgraded the stock to "underperform".

Meanwhile, the BSE Sensex was up 39.41 points, or 0.14%, to 28,114.96.

On BSE, so far 91,000 shares were traded in the counter, compared with an average volume of 1.86 lakh shares in the past one quarter.

The stock hit a high of Rs 426.80 and a low of Rs 419.75 so far during the day. The stock hit a record high of Rs 551.35 on 31 October 2014. The stock hit a 52-week low of Rs 340.10 on 30 January 2014.

The stock had underperformed the market over the past one month till 15 January 2015, rising 1.33% compared with 2.77% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.42% as against Sensex's 6.55% rise.

The large-cap company has an equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

The brokerage said GAIL (India) stock price does not reflect adverse impact of lower crude prices on earnings.

GAIL (India)'s net profit surged 42.3% to Rs 1302.90 crore on 0.9% growth in net sales to Rs 14063.18 crore in Q2 September 2014 over Q2 September 2013.

GAIL (India) is India's leading natural gas company with a presence along the entire hydrocarbon value chain spanning E&P, LNG, pipelines, LPG, petrochemicals, city gas distribution etc. The Government of India (GoI) holds 56.11% stake in GAIL (India) (as per the shareholding pattern as on 30 September 2014).

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