GAIL rose from Rs 124 as of October 3, 2023, to Rs 166 as of January 1, 2024, which translates into an upside of over 33% in the last three months. The momentum helped the stock to hit a record high of Rs 169 on January 1, 2024, but it failed to hold on to the momentum-tracking muted trend seen in benchmark indices.
GAIL (India) share price surged 68.6 per cent in 2023, but Kotak downgraded the stock due to an optimism-driven rally, uncertain transmission volumes, and worries over petchem capex.
GAIL share price: GAIL surged 8.81 per cent to scale their fresh one-year high level of Rs 153.10 in Friday's trade. At this price, the stock has gained 68.80 per cent from its one-year low price of Rs 90.70, a level seen on December 26 last year.
Besides, lower spot LNG prices will also spur demand, and this should have a positive impact on GAIL India’s transmission businesses, according to Sneha Poddar, associate vice president - research, Motilal Oswal Financial Services.