Equity Analysis /
India

IN : Oil & Gas - Overall - Limited progress on gas reforms

    Avadhoot Sabnis
    CGS-CIMB
    16 April 2021
    Published by

    Domestic regulated gas price (flat in 1HFY22 vs 2HFY21) has bottomed out and should rise sharply in FY23/24F based on the latest futures curve. Gas pricing for difficult gas still subject to cap (hurting RIL). PNGRB Board still without quorum and there is no progress on the uniform pipeline tariff. Retain Add on GAIL (TP Rs160) and ONGC (TP Rs115) and Reduce on Reliance Industries (TP Rs1405).