Nomura Keeps Buy Rating on Gujarat Energy, Lowers Target to ₹379 Amid Morbi Volume Normalisation

Nomura Financial Services has kept its Buy recommendation for Gujarat Energy Limited unchanged, even as it lowered the target price to ₹379 per share. The decision follows the recent normalization of output volumes at the company's Morbi refinery, which had been a concern for investors. Nomura’s revised target reflects a more conservative valuation in light of the refinery’s operational adjustments. The rating suggests that the brokerage still sees upside potential for the stock, but at a lower price point than before. Market participants will likely monitor the company’s future earnings reports for further guidance.