We do not foresee any crucial regulatory adversity in CGD either through a change in gas allocation or capping returns because the superior returns in CGD will be reinvested and will help increase the share of gas in India's energy mix to 20% (from 6% currently) by 2025 We maintain BUY on IGL after an in-line 4QFY19. Our target is Rs 385/sh (25x Mar-21E standalone EPS and 23x Mar-21E for its subsidiaries, MNGL and CUGL).