GAIL India share price added over 5 percent in the morning session on August 24 after Macquarie has retained its outperform rating on the stock and has raised target to Rs 205 from Rs 185 per share.

The global brokerage firm has raised FY22-24 EPS estimates by 10-13 percent on better modelling of petchem margin, as per a report.

It has raised the target assuming 8x EV-EBITDA for transmission business and B2B gas marketing and factors in 6x EV-EBITDA for petchem and LPG, 20 percent corporate discount, it added.

The stock was trading at Rs 147.95, up Rs 7.20, or 5.12 percent. It has touched an intraday high of Rs 147.95 and an intraday low of Rs 142.30.

India's top gas firm would foray into hydrogen generation and take the acquisition route to scale up its renewable energy portfolio as it pivots business beyond natural gas to align with energy transition being witnessed across the globe.

As part of a push to hold cleaner forms of energy, GAIL will be laying pipeline infrastructure to connect consumption centres to gas sources while also augmenting its renewable energy portfolio, GAIL Chairman and Managing Director Manoj Jain stated.

"The global energy sector is witnessing a paradigm shift in recent years as the world is transitioning to a sustainable energy future," he stated in the firm's latest annual report. To achieve a cleaner primary energy mix for India, the government is emphasizing the expansion of the natural gas segment so as to achieve a gas-based economy along with growth in renewables. GAIL as one of the leading integrated energy majors has aligned with this vision, he said.