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Gujarat State Petronet Ltd- Initiating Coverage (BUY)

GSPL (Gujarat State Petronet Ltd), a GSPC Group company is a pioneer in developing energy transportation infrastructure and connecting natural gas supply sources including LNG terminals to growing markets. The company has developed requisite expertise and confidence with proven project management competencies.  We value the business at 18x FY19E EPS and recommend a BUY rating on the stock with a target price of INR 212 per share.