Prakash Diwan of prakashdiwan.in told CNBC-TV18, "My sense is that you would have to look at if the gas business is also getting completely re-evaluated because it now offers a tremendous amount of visibility, it is a pure utility driven thing, which was not the case earlier. But within the gas play, it is going to be the city gas distributers who are deeply entrenched with an assured market that would do much better in terms of price-earnings ratio (P/E) multiples and in terms of premiums that they would attract. Petronet LNG has had a very good run, but it is still subject to a lot of vagaries on the regulatory side and I am not very comfortable the way those things impact some of these players.""Mahanagar Gas continues to remain my favourite. Of course, it has had a run up which is stellar from Rs 420, it went to Rs 650-660, you cannot expect much, but over a long run it would be. So, buy on dips is a clear strategy for Mahanagar Gas and the same way, maybe for Indraprastha Gas (IGL), but the dip has to be slightly deeper," he added.
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