Gujarat State Petronet Ltd.    
14 Sep 2020
193.20
-1.75%
Ventura
We initiate coverage with a BUY for a price target of Rs.293 (38% upside) over the next 24 months.
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Number of FIIs/FPIs holding stock fell by 10 to 235 in Sep 2020 qtr.
Gujarat State Petronet Ltd.    
11 Sep 2020
193.20
-1.75%
buy
Dolat Capital
Government of Gujarat has always played a pro-active role in the development of the energy value chain. Gujarat is first state to plan and execute a State-wide Gas Grid on an Open Access Principle and the pipeline grid has been designed as per the highest international standards with inbuilt flexibility to cater to varying loads. GSPL has CrossCountry Natural Gas Transmission pipelines being implemented. GSPL owns and operates the largest Gas Transmission network in Gujarat...
Gujarat State Petron.. has an average target of 286.00 from 9 brokers.
Gujarat State Petronet Ltd.    
12 Aug 2020
193.20
-1.75%
Motilal Oswal
12 August 2020 Overall, Gujarat is expected to have an available capacity of 40mmtpa over the next 2-3 years, up 54% from now. HPCL-Shapoorji is expected to complete its 5mmtpa LNG terminal at Chhara in another 2-3 years. current ~1.5mmtpa) once the Anjar-Chotila pipeline capacity is augmented. The company currently has pipeline capacity of ~42mmscmd. executing partial stretches of Mehsana-Bhatinda (340km) and Mallavaram- Bhilwara (364km) pipelines. Both have capacity of 76-77mmscmd and would enable evacuation of gas from upcoming LNG terminals. GUJS is already transporting ~40-42mmscmd of gas. Even if the last mile pipeline connectivity of Chhara and Swan is executed by other companies, Gujarat State Petronet GUJS has moved to the lower tax rate. As a result, the regulator might cut its tariffs by 10-12% to maintain regulated RoCEs. Additionally, GUJS has two pipeline grids High Pressure (HP) and Low Pressure (LP) with their economic lifetime being defined as 2026 and 2025, respectively.
Gujarat State Petronet Ltd.'s price crossed below SMA30 today
Gujarat State Petronet Ltd.    
10 Aug 2020
193.20
-1.75%
ICICI Securities Limited
Gujarat State Petronet's (GSPL) operating revenue for Q1FY21 fell 9.4% YoY to | 464.4 crore on account of a fall in transmission volumes. Transmission volumes fell 13% YoY to 33.3 mmscmd mainly due to lower CGD offtake. EBITDA came in at | 346.2 crore, down 13.9% YoY. Subsequently, PAT was...
Gujarat State Petronet Ltd. is trading below all available SMAs
Gujarat State Petronet Ltd.    
02 Jul 2020
193.20
-1.75%
Nirmal Bang Institutional
PNGRB opens debate on unified tariff for gas pipelines PNGRB had issued a public notice regarding proposed changes in the Natural Gas Pipeline Tariff Regulations called the Petroleum and Natural Gas Regulatory Board (Determination of Natural Gas Pipeline Tariff) Regulations, 2008 (NGPL Tariff Regulations). The deadline for public comments is July 26, 2020 and the open house through video conferencing is scheduled for July 31, 2020. This seeks to discuss the concept of a single or unified tariff on the integrated natural gas pipeline system run by GAIL and GSPL covering all their authorised pipelines as detailed in Exhibit: 2 on page 2. The proposal seeks to apply this...
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Gujarat State Petronet Ltd.'s price crossed below SMA30 today
Gujarat State Petronet Ltd.    
09 Jun 2020
193.20
-1.75%
Nirmal Bang Institutional
Ramp up in gas supply to aid long term growth NBIE Values your patronage- Vote for The Team in the Asia Money poll 2020. Click Here GSPL's 4QFY20 standalone results look good with 13.3%/47.1% growth YoY in volume/PAT despite the marginal miss vs our and consensus estimates. Revenue beat NBIE est. and consensus estimate by 19.4%/5.8%, respectively at Rs5.95bn on the back of higher than expected interconnectivity charges. But EBITDA was a close miss vs. NBIE est. and consensus estimate by -3.7%/-4% at Rs3.56bn. PAT was a beat vs. NBIE est. and consensus estimate by...
Gujarat State Petronet Ltd. is trading below all available SMAs
Gujarat State Petronet Ltd.    
08 Jun 2020
193.20
-1.75%
Motilal Oswal
8 June 2020 Lower-than-expected volumes and implied tariff led to an EBITDA miss, while lower tax rate helped GSPLs PAT (in-line) during 4QFY20. The QoQ volume decline was primarily led by lower gas offtake from various fertilizer and refining/petchem units due to the nationwide COVID-19 led lockdowns. Despite the COVID-19 impact, FY20 transmission volumes were up 9% YoY to 37.8mmscmd with implied tariff at INR1,379/scm (v/s INR1,455/scm in FY19). There are concerns over tariff reduction for the company, in line with the revised new tax rate and over-utilization of the pipeline. However, the increase in capex (due to capacity expansion) should ensure lesser impact on its tariff. Transmission volume for the quarter stood at 36.8mmscmd (-6% est. +14% YoY), with Implied tariff at INR1,284/scm (-8% est. -12% YoY). Thus, net sales came in at INR4.4b (+1% YoY) and EBITDA at INR3.6b (+8% YoY), both lower than est.
Number of FIIs/FPIs holding stock fell by 10 to 235 in Sep 2020 qtr.
Gujarat State Petronet Ltd.    
08 Jun 2020
193.20
-1.75%
buy
Dolat Capital
(growth of 13.5% YoY and flat sequentially) in line with our estimates of 37 mmscmd. Tariffs were at Rs 1.75/scm (growth of 20% YoY and degrowth of 3.8% QoQ). Revenue was in line with our estimates. Strong volumes clocked in due to...
Gujarat State Petronet Ltd. is trading below all available SMAs
Gujarat State Petronet Ltd.    
30 Mar 2020, 12:00AM
193.20
-1.75%
Nirmal Bang Institutional
We maintain Buy on GSPL with a reduced target price (TP) of Rs273 (+65.7% from CMP) as one of our top mid-cap Oil & Gas picks as we believe its gas transportation business is relatively more resilient and is likely to bounce back once the current nationwide lockdown in the fight against COVID 19 is behind us. We have cut our FY20-22E estimates by 3.8%/12.8%/1% and our SOTP-based TP by 12.7% based on volume assumptions tempered for the twin impact of COVID19 and the economic slowdown. Key risks: Disruption to supplies of LNG cargo arrivals and domestic gas- Pl see extract of news from S&PGlobal.com; at the end of the report; curtailment of gas purchases by customers, especially in small industrial segments and city...
Gujarat State Petronet Ltd. is trading below all available SMAs
Gujarat State Petronet Ltd.    
14 Feb 2020
193.20
-1.75%
HDFC Securities
We maintain our conviction on GSPL based on (1) Stable volume growth (+5% CAGR over FY20-22E to 42.5mmscmd) (2) Smoothening of cyclicality in its earnings, post acquisition of a controlling stake in Gujarat Gas (3) Steady cash flows (FCF of Rs 32.80bn over FY20-23E) from transmission business that will turn the company's position to a net cash one. We value the transmission business using Discounted Cash Flow (DCF) at Rs 138/sh (WACC of 10.5% and Terminal growth rate of 0%). To this, we add Rs 115/sh as value of its investments in Gujarat Gas, Sabarmati Gas and other investments to arrive at the target price of Rs 253/sh. We maintain BUY on GSPL though the Q3 PAT missed our estimates. Benign spot LNG prices will continue to (1) Drive volume growth from industrial customers and (2) Encourage RIL to continue using LNG. Our EPS estimates for FY20/21/22E stand at Rs 17.3/19.7/21.3 vs consensus EPS of Rs 28.1/25.7/23.7. Our SOTP based TP is Rs 253/share (consensus TP Rs 272).
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Gujarat State Petron.. has an average target of 286.00 from 9 brokers.