Hold Gujarat State Petronet; target of Rs 175: ICICI Direct

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ICICI Direct's research report on Gujarat State Petronet

GSPL’s transmission business is expected to report some volume growth on the backdrop of growth in CGD & PNG sectors and increased LNG capacity. An upward revision of transmission tariffs by PNGRB in coming months would be a key positive for the stock.

Outlook

We value GSPL investments at Rs 43/share. However, we have lowered its standalone business marginally to factor in lower growth rate in volumes. Subsequently, we value GSPL based on SOTP basis and arrive at a target price of Rs 175.

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