Gujarat State Petronet (GUJS)'s 3Q volumes were driven by higher demand from the CGD segment and revival in demand from the Fertilizer segment, further supported by strong gas consumption in the Power sector. Gas volumes for the Refining/Petchem segment declined due to decreased offtake by RIL. On account of the huge demand-supply mismatch across the globe (due to production challenges, along with higher winter demand), spot LNG prices jumped in 4QFY21'TD. As per our channel checks, this has resulted in lower gas offtake to ~45mmscmd (from ~10mmscmd in 3QFY21) by the Power sector, in addition to...