Our meeting with the Gujarat State Petronet (GUJS) management addressed concerns on volumes and reinforced our investment thesis. Key takeaways: (a) Loss of volumes from RIL is unlikely to exceed 5mmscmd. (b) Demand from the power, industrials and CGD sectors would largely offset the loss of RIL volumes. (c) Tariffs could improve once PNGRB factors in the new pipeline section connected to the Mundra LNG terminal. We roll our target price...