Tepid tariff hike doesn't alter buoyant outlook The PNGRB notified tariffs for five pipeline networks of GAIL, largest of them being the HVJ pipeline network (constituting ~30% of GAIL's gas transmission volumes). The integrated tariffs for HVJ at Rs41.1/mmbtu (or Rs1.44/scm) optically seem lower than the FY19 average (1.47/scm). However, we see earnings upside potential (~Rs2.4/sh) on consolidating incremental revenues from all tariff orders. We maintain earnings estimates...