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Mon, Sep 17, 2012 at 08:45

| Source: Moneycontrol.com
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GAIL

Brokerage: Bank of America Merrill Lynch

Rating: UNDERPERFORM

Target: Rs 360

Rationale: Among the three upstream players, who bear subsidy, GAIL will gain the most from subsidized lpg volumes being capped. According to government estimates capping cylinders will cut LPG subsidy by one-third.

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