Inclusion of natural gas under GST potentially benefits the entire value chain
Believe E&Ps, ONGC and OIL India are the biggest beneficiaries
Estimate -5% upside to ONGC's standalone earnings and 3-4% upside for Oil India
IGL and Gujarat Gas to benefit as gas becomes more favourable than alternative fuels
GAIL/Petronet LNG to benefit with growing gas consumption in India
Gail tgt 255; Guj Gaj target 614; ONGC tgt 302; Oil India tgt 745 (all OW)
Petronet LNG target 239; EW (Source: ETNow)
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