Reinitiate coverage with BUY. The Indian gas sector looks attractive based on several possibilities like (1) Inclusion of Natural Gas (NG) under the GST, (2) Unified tariff method for computing gas transmission tariffs, (3) Increase in penetration of City Gas Distribution (CGD). Availability of Input Tax Credit (ITC) under the GST reign (unlike Value Added Tax) will likely reduce end user cost of NG by 5-19%. NG will become 12-18% cheaper than Fuel Oil (FO) vis--vis being 6-13% cheaper now.