Barclays downgrades GAIL India Ltd shares to 'underweight'

Jul 30 2013, 14:16 IST
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Braclays downgrades GAIL (India) Ltd shares to Braclays downgrades GAIL (India) Ltd shares to "underweight" from "overweight", after cutting its earnings per share forecast for fiscal years 2014 to 2016 by 26-31 percent.(Reuters)
SummaryAIL shares are down 3.11 percent, having lost 13.67 percent so far this year.

Braclays downgrades GAIL (India) Ltd shares to "underweight" from "overweight", after cutting its earnings per share forecast for fiscal years 2014 to 2016 by 26-31 percent. Brokerage adds domestic gas output has fallen faster than expected due to a drop in output from India's KG-D6 block, and expects a recovery to be 12-18 months away. The fall in output from KG-D6 will also raise gas costs for GAIL, Barclays adds. GAIL shares are down 3.11 percent, having lost 13.67 percent so far this year.

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