Petroleum and Natural Gas Regulatory Board (PNGRB) has fixed the gas transmission integrated tariffs for Gail's HVJ old pipeline and HVJ upgradation pipelines, which account for ~60% of volumes. The tariffs have been revised upwards by just 3.8% from | 39.6/mmbtu earlier to | 41.1/mmbtu (~1.5/scm) now vs. our estimate of an upward revision in tariffs by 15-20%. Hence, we revise our blended gas transmission tariffs estimates from | 1.6/scm & 1.65/scm in FY20E & FY21E to | 1.53/scm & | 1.58/scm in FY20E & FY21E, respectively. This will result in a reduction in...