GSPL

Updates

** Shares of Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS down 4.4%, 2% and 0.5%, respectively

** Government cuts administered price mechanism (APM) gas allocation to city gas distributors, effective April 16

** Antique Stock Broking says estimated de-allocation at about 3 mmscmd vs market expectations of about 0.8 mmscmd to 1 mmscmd

** Adds, assuming APM fully meets domestic PNG needs, CNG allocation drops to 38% for IGAS/MGAS (from 50%–51%) and to 34% for GGAS (from 48%)

** Estimates CNG gross margin hit of 0.9 to 1 rupees/scm, along with varying EBITDA impacts

** Jefferies says, for MGAS, APM gas allocation cut translates to a 26% drop in CNG volume which is sharper then its estimate of 20% reduction in APM availability for CNG in FY26

** See sharp compression in return on capital employed for MGAS to 13% over FY26-27 vs 22% over FY23-25 - Jefferies

** YTD, IGAS down 15.8%, MGAS down 2.7%, GGAS down 13.9%

(Reporting by Ashish Chandra in Bengaluru)

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** Indian city gas distributor stocks GAIL (India) Ltd GAIL.NS, Gujarat State Petronet Ltd GSPT.NS, and Indraprastha Gas Ltd IGAS.NS rise between 2.4% and 4%

** India's natural gas regulator proposes lower pipeline tariffs

** Morgan Stanley analysts estimate GAIl, GSPT could see 8%-10% rise in earnings due to proposed regulations; GAIL's return on investments could also improve

** CLSA says IGAS likely to be biggest benefactor of proposed norms, which would help bring down operating expenses

** IGAS' ~1.5% YTD drop least among pack; GAIL down 4.4%, while GSPT down 18.3%

(Reporting by Nandan Mandayam in Bengaluru)

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Feb 7 (Reuters) - Gujarat State Petronet Ltd GSPT.NS:

• DEC-QUARTER CONSOL NET PROFIT 2.34 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 45.4 BILLION RUPEES

Source text: [ID:]

Further company coverage: GSPT.NS

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** Shares of Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, Adani Total Gas ADAG.NS and Gujarat Gas GGAS.NS fall after Indian government cuts allocation of lower-priced domestic gas by 18%-20% for city gas distributors

** Reduction in gas allocation the second time during qtr; comes after ~20% cut in mid-October

** IGAS's ~19% slump the biggest, trailed by MGAS's 13%; ADAG and GGAS drop 6% and 3%, respectively

** Pricing decision by the companies and impact of government's action will be key focus over coming months, says CLSA

** Revised domestic gas allocation will have an adverse impact on profitability of co, IGAS said

** Jefferies downgrades MGAS, IGAS to "underperform" from "buy" and "hold", respectively, citing potential sharp reduction in profit margin

** All cos log YTD losses with IGAS's 21% YTD decline the biggest

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of India's Gujarat Gas GGAS.NS jump 4.2% to 550 rupees

** City gas distributor's Q2 net PAT rose 3% as cost control offset a 1% dip in revenue

** GGAS, peer Indraprastha Gas IGAS.NS rated "hold" on an average vs "buy" on Mahanagar Gas MGAS.NS - LSEG data

** YTD GGAS up ~19%, IGAS and MGAS gained 5.5% and 20.5%, respectively

(Reporting by Hritam Mukherjee in Bengaluru)

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Aug 8 (Reuters) - Gujarat State Petronet Ltd GSPT.NS:

• JUNE-QUARTER CONSOL NET PROFIT 3.75 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 48.92 BILLION RUPEES

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Further company coverage: GSPT.NS

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** Shares of Petronet LNG PLNG.NS, GailGAIL.NS, Gujarat State Petronet GSPT.NS Gujarat Gas GGAS.NS up between 1.7% to 2%

** Global LNG market set for a 40% surge in supply capacity, representing fastest capacity growth in recent years, said analysts at Investec Equities

** Liquefied natural gas (LNG) prices have dropped from their highs following the Russia-Ukraine crisis in 2022, benefiting India's gas value chain : Investec

** Lower spot LNG prices, limited domestic supply growth points to steady LNG imports for India

** PLNG, GGAS, GSPT and GAIL among top gainers on Nifty Oil & Gas index .NIFOILGAS

** GAIL also among top gainers on Nifty PSE index .NIFTYPSE

** PLNG, GGAS, GSPT and GAIL up 52%, 40%, 2% and 38%, respectively so far this year

** Nifty Oil & Gas index has gained 31.3% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of Gujarat Gas GGAS.NS, Petronet LNG PLNG.NS and Gail GAIL.NS close 2% to 4.3% higher

** India's newly elected government to try and bring petrol, diesel and natgas under goods and services tax (GST), ETNow reports, citing Oil Minister Hardeep Puri

** These fuels are currently subject to value-added tax (VAT) and other taxes set by the centre and each state

** GST will bring a uniform tax rate that could lower natgas prices and aid faster adoption, analysts say

** Jefferies estimates GST could lower natgas costs $0.8-0.9/mmbtu, improving competitiveness to naphtha, fuel oil

** Companies to pass on most benefits to consumers per stated GST objectives, says Jefferies

** 3 of the 4 biggest states benefiting from VAT are part of newly elected coalition, improving chance of tax change, brokerage notes

(Reporting by Manvi Pant in Bengaluru)

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May 8 (Reuters) - Gujarat State Petronet Ltd GSPT.NS:

• GUJARAT STATE PETRONET LTD - DIVIDEND OF 5 RUPEES PER SHARE

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Further company coverage: GSPT.NS

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** Shares of Gujarat State Petronet Ltd (GSPL) GSPT.NS fall to an exchange-allowed maximum of 20% to 302.15 rupees

** Petroleum and Natural Gas regulator lowered GSPL's gas grid tariff from co expected 50.8 rupees/million british thermal units (MMTU) to 18.1 rupees/MMTU

** At least three brokerages slash ratings on GSPL stock post regulator's declaration - LSEG

** "This is a material hit to earnings for GSPL" - ICICI Securities

** Brokerage Emkay Global says tariff model's long-term nature will result in weaker outlook for GSPL despite tailwinds like lower LNG prices

** The tariff cut will impact the unified tariff of GSPL by 4%, while return on capital employed will decline sharply to 11%-12% - Kotak

** Stock eyes busiest trading day since Nov. 25, 2022

** Including session's losses, stock is down 1.3% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of Gujarat State Petronet GSPT.NS up 1.7% at 344.70 rupees, after rising as much as 3%

** Around 2 mln shares traded in five separate block deals in the range of 341.20-345 rupees - LSEG data

** Trading vol 1.6x the 30-day daily avg

** Avg rating of 22 analysts is equivalent of "buy," median PT is 395 rupees - LSEG data

** Peers Indraprastha Gas IGAS.NS and Mahanagar Gas MGAS.NS too have "buy" rating, while Gujarat Gas GGAS.NS is rated "hold" - LSEG data

** Stock up ~12% YTD vs ~1% rise in Nifty 500 index .NIFTY500

(Reporting by Ashish Chandra)

(([email protected] (+91 7982114624))

** Shares of gas distributor Gujarat Gas GGAS.NS up 2.4% at 579 rupees

** GGAS' 8% price cut for industrial PNG supplies to the Morbi cluster to drive healthy uptick in volumes for short term - brokerage Nomura

** Morbi, located in Gujarat state, has the country's largest ceramic industry cluster

** However, as underlying propane prices begin to decline from May, see risks to volume recovery - Nomura

** GGAS to find it challenging to keep cutting prices as incremental decline in propane prices outpaces decline in spot LNG prices - Nomura

** Avg rating of 26 analysts equivalent to "hold;" median price target is 532 rupees - LSEG data

** Stock up 24.5% YTD

(Reporting by Rama Venkat in Bengaluru)

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Updates levels, adds commentary by CLSA analysts in bullet 5

** Shares of Gujarat Gas Ltd GGAS.NS down 6% at 545.9 rupees

** At least three analysts downgrade city gas distributor after quarterly results

** Nomura downgrades to "Reduce" from "Neutral"; highlights weak volume outlook for key clients in Morbi industrial cluster and expensive valuation vs peers

** GGAS has 12-mth forward P/E of 27.2 vs Indraprastha Gas' IGAS.NS 15.2 and Mahanagar Gas' MGAS.NS 13.1

** CLSA keeps "Sell," says GGAS' current P/E "unsustainable"; brokerage values it at 10% premium to IGAS due to co's volume growth leadership

** Stock's current price "factors in all potential upsides and offers no margin of safety" - Nomura

** Emkay downgrades to "Sell" from "Reduce" while flagging "volatile margin profile"

** Eight analysts rate stock "Strong Sell" the most in at least a year - LSEG data

** Including session's moves, stock trims YTD gains to 18%

(Reporting by Nandan Mandayam in Bengaluru)

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** Shares of Gujarat State Petronet Ltd GSPT.NS up 4.2% at 368.65 rupees

** Gas transmission and distributor's Q3 standalone net PAT up 53.5% y/y, driven by higher volumes, realisation

** Seven analysts raise PT on "buy"-rated stock after results, mean PT of 355 rupees still lower than stock's current price - LSEG data

** Prabhudas Lilladher ("accumulate", PT: 402 rupees) says softer LNG prices and stability in domestic gas prices will help GSPT increase its transmission volumes

** Stock extends YTD gains to 22.5%

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

Feb 14 (Reuters) - Gujarat State Petronet Ltd GSPT.NS:

• GUJARAT STATE PETRONET LTD DEC-QUARTER CONSOL NET PROFIT 3.95 BILLION RUPEES VERSUS 3.59 BILLION RUPEES

• GUJARAT STATE PETRONET LTD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 45.44 BILLION RUPEES VERSUS 41.35 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: GSPT.NS

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** Shares of India's Indraprastha Gas IGAS.NS down 6.7%, biggest intraday pct loss since Oct. 20, 2023

** Stock set to lose for the fourth consecutive session

** City gas distributor reported sales volumes below its estimates, says brokerage Prabhudas Lilladher (PL)

** Sales vols up 4% at 8.5 mln metric standard cubic meter per day (mmscmd), but fell short of estimated 8.8 mmscmd - PL

** PL also adds core profit/standard cubic meter (scm) at 7.2 rupees/scm, lower than expected 8.4/scm

** About 7 mln shares changed hands by 3:11 pm IST, 3x 30-day avg

** Avg rating on IGAS and its peer Mahanagar Gas MGAS.NS "buy" vs "hold" on Gujarat Gas GGAS.ns - LSEG data

** IGAS has lost ~3% so far this year vs GGAS's 19% climb and MGAS's 14% rise

(Reporting by Hritam Mukherjee in Bengaluru)

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** Equirus Securities says falling spot liquefied natural gas (LNG) prices will help Gujarat Gas Ltd's GGAS.NS volumes, margins recover

** Brokerage rates stock "buy" and upgrades EPS estimate for FY25 by 16%, FY26 EPS estimate by 3%

** LNG prices fell 30% in December to $11.2/mmbtu

** GGAS was hit badly when LNG prices soared in 2022, with key clients from industrial hub of Morbi switching from LNG to propane

** With lower prices, GGAS can regain some volume from propane - Equirus

** Gas distributor's shares closed up 3% at 493.85 rupees, its highest since late May; rose 8% over last 2 sessions

** Equirus' price target of 537 rupees higher than analysts' median PT of 468.5 rupees - LSEG data

(Reporting by Nandan Mandayam in Bengaluru)

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** Sustained rise in Asian spot LNG prices during winter will pose concerns for India's city gas distributors (CGD), JM Financial says

** Gujarat Gas GGAS.NS could be most impacted given 20%-30% dependency on spot LNG - brokerage

** Even though spot LNG prices have normalised in CY23 from record high levels, they are still relatively high at $16.4/mmbtu, analysts say

** Brokerage says CGD sector total gas demand rising gradually, driven by increasing domestic gas consumption and higher allocation of gas

** Says LNG demand still strong despite recent rise in spot LNG prices

** Gujarat Gas down 0.1%, Adani Total Gas ADAG.NS down 2.9%, Mahanagar Gas MGAS.NS up 0.3%, Indraprastha GasIGAS.NS down 0.6% on Thursday

(Reporting by Sethuraman NR in Bengaluru)

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** Shares of Gujarat State Petronet GSPT.NS rise as much as 6.02%, most intraday pct rise since May 11, 2023, to 289 rupees

** Natural gas transmission company posts 69.43% year-on-year rise in September quarter net profit after tax (PAT) to 5.32 bln rupees; revenue up 21.61% to 5.29 bln rupees

** Nuvama reiterates "buy" and adds GSPT will be a key beneficiary of additional LNG (liquified natural gas) imports

** Expect GSPT's volumes to rise in fiscal 2025, supported by upcoming LNG terminals in Gujarat, improved demand, says Motilal Oswal

** Kotak institutional equities reiterates "buy", citing gains from higher tariff and reduction in operating costs

** Of the 22 analysts tracking GSPT, 13 maintain "strong buy", seven have "buy", one suggests "hold", one recommends "sell"; median TP is 337.50 rupees

** Including today's gains, GSPT up 7.66% in 2023 so far

(Reporting by Bharath Rajeswaran in Bengaluru)

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Nov 6 (Reuters) - Gujarat State Petronet Ltd GSPT.NS:

• INDIA'S GUJARAT STATE PETRONET SEPT-QUARTER NET PAT 5.32 BILLION RUPEES VERSUS 3.14 BILLION RUPEES

• GUJARAT STATE PETRONET SEPT-QUARTER REVENUE FROM OPERATIONS 5.29 BILLION RUPEES VERSUS 4.35 BILLION RUPEES

Source text for Eikon: ID:nBSEbrzMRn

Further company coverage: GSPT.NS

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Aug 4 (Reuters) - Gujarat State Petronet Ltd GSPT.NS:

• INDIA'S GUJARAT STATE PETRONET JUNE-QUARTER NET PAT 2.29 BILLION RUPEES VERSUS 2.35 BILLION RUPEES

• GUJARAT STATE PETRONET JUNE-QUARTER REVENUE FROM OPERATIONS 4.41 BILLION RUPEES VERSUS 4.82 BILLION RUPEES

Source text for Eikon: ID:nBSE5FntGw

Further company coverage: GSPT.NS

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** Indian gas distributor Gujarat Gas GGAS.NS drops as much as 1.89% to 471.50 rupees after ICICI Securities downgrades co to "hold" from "buy" on potentially lower margins

** Brokerage says drop in Asian LPG prices may impact co's Q2 FY24 pricing, pose material challenges

** Adds volume growth may require price reduction of 3-4 rupees per standard cubic meter in Q2 FY24, can "significantly impact" FY24 margins

** Rating house says chasing volumes "risky bet" in weak pricing environment, slashes TP from 585 rupees to 494 rupees

** More than 927,671 shares changed hands by 12:50 P.M. IST, 0.8x 30-day avg

** Mean recommendation of 27 analysts is "buy"; median TP 531 rupees - Refinitiv IBES data

** GGAS has fallen 2.6% so far this year

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Gujarat Gas GGAS.NS rise as much as 5.8% to 492 rupees, mark sharpest intraday pct gain since May 11

** Analysts at Antique Stock Broking consider the recent hike in custom duty on propane by Indian govt. a "big positive" for GGAS; maintains "buy" rating with TP of 602 rupees

** Adds, the custom duty hike places GGAS in a favourable position to regain lost market share to propane in Morbi

** Price hike in propane to offset price advantage against LNG, benefiting firms like Gujarat Gas - Antique

** Peer Indraprastha Gas IGAS.NS too has risen, up as much as 2.36% at 484.50 rupees

** More than 4.6 mln shares of GGAS change hands by 1:20 p.m. IST, 4.2x 30-day avg of 1.1 mln shares

** 14 of the 27 analysts covering GGAS have a "buy" or "strong buy" rating, 7 have "hold" while 6 rate it at "sell" or "strong sell"; median PT is 533 rupees - Refinitiv data

** Including session's gain, stock pares some its losses, last down 1.9% YTD

(Reporting by Ashish Chandra in Bengaluru)

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May 11 (Reuters) - Gujarat State Petronet Ltd GSPT.NS:

• DIVIDEND OF 5 RUPEES PER SHARE

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Further company coverage: GSPT.NS

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** Shares of most Gujarat State public sector undertakings jumped on state govt policies for dividend, buy back, bonus and splitting of shares

** Barring Gujarat Gas Ltd GGAS.NS, all the other six listed state PSUs of Gujarat surged between 7% and 20%

** Gujarat Industries Power Ltd GJIP.NS up 20%; Gujarat State Fertilisers and Chemicals Ltd GSFC.NS and Gujarat Mineral Development Corp Ltd GMDC.NS rise over 15%

** Other state PSUs up between 7% and 10%

** Uptick after the state on Tuesday mandates 30% of profit after tax or 5% or net worth as the minimum threshold of dividend declared for shareholders

** Every state PSU with net worth of 20 bln rupees and cash and bank balance of 10 bln rupees asked to exercise the option of share buyback

** PSUs mandated to split shares when market price of the company's shares exceeds 50 times of its value

** PSUs to issue bonus shares if their defined reserves and surplus is equal to or more than 10 times of its paid up share capital

** "There is more clarity to minority shareholders and scope to improve governance," says Nilesh Shah, managing director at Kotak Mahindra Asset Management

(Reporting by Bharath Rajeswaran in Bengaluru)

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April 13 (Reuters) - Gujarat State Petronet Ltd GSPT.NS:

• NAMES MILIND TORAWANE AS JOINT MD

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