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Buy GSPL, tgt Rs 133: Angel Broking
Angel Broking has maintained buy rating on Gujarat State Petronet with target price of Rs 133.GSPL is likely to be one of the prime beneficiaries of the increased gas availability from the KG basin as well as from the West Coast
Angel Broking has maintained buy rating on Gujarat State Petronet with target price of Rs 133 in its May 09, 2008 research report. "GSPL is likely to be one of the prime beneficiaries of the increased gas availability from the KG basin as well as from the West Coast. Pipeline expansion is expected to drive future growth for the company. Strategic stakes in CGD ventures are likely to add value over the next couple of years. We have valued GSPL using DCF methodology, Cost of Equity - 15.6%, WACC - 10.1% and Terminal growth rate - 2.5%. Due to higher volatility we have assigned higher risk premium to the company and subsequently downgraded our Target Price. We remain positive over the prospects of GSPL and maintain a Buy, with a Target Price of Rs107 (Rs133)" according to Angel Broking report.
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