Inline Q1, good defensive stock; Maintain Buy PGCILs Q1FY20 results were in line with our estimates. The capex was `29bn and capitalization was ` 14.7bn in Q1. PGCIL is a good defensive stock, with growth built in by the strong capitalization, which has reached a peak in recent years. This should lead to stronger cash flows. It has maintained capex and capitalization guidance given in the beginning of the...