MOSL: Morning India (23/October/18): 1. GAIL; 2. Asian Paints; 3. Hindustan Zinc; 4. GSK Pharma; 5. Oberoi Realty; 6. Alembic Pharma; 7. Jubilant Life Sciences; 8. Persistent Systems; 9. S H Kelkar; 10. Metals
MOrning India (23/October/18): 1. GAIL; 2. Asian Paints; 3. Hindustan Zinc; 4. GSK Pharma; 5. Oberoi Realty; 6. Alembic Pharma; 7. Jubilant Life Sciences; 8. Persistent Systems; 9. S H Kelkar; 10. Metals Weekly
Today’s top research idea
GAIL India: More tariff hikes in the offing? GAIL proposes higher tariffs for HVJ, HVJ upgradation
- In September 2018, the PNGRB approved the final initial tariffs for three pipeline networks of GAIL (including sub-networks) and two pipelines of GSPL, with effect from FY19.
- GAIL has submitted final initial tariff proposals for the Hazira-Vijaipur-Jagdishpur (HVJ) pipeline and for HVJ upgradation, which account for 62% of total transmission.
- GAIL's EPS should increase by 68% in FY20 if PNGRB approves GAIL's proposals. However, due to several uncertainties in the stock, including (a) possible restructuring to separate marketing from transmission, (b) possible divestment through sale of government's holding to another PSU, (c) ongoing concerns on long-term US contracts, and (d) low return ratios due to long gestation pipeline projects, we reiterate our Neutral rating with a target of INR385.
Piping hot news
IL&FS revival plan may include stake sales
- The new board of debt-laden Infrastructure Leasing and Financial Services (IL&FS) will come up with a revival plan for the lender that could include selling stakes in some of its businesses, an Indian government official said. The official, who declined to be named, ruled out any budgetary support for IL&FS, an infrastructure financing and building company, which has 348 businesses and debts of 910 billion rupees ($12.39 billion). State-owned firms own nearly 40 percent of the company.
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