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GGCL (Gas prices for industrial segment up, BUY):
Gujarat Gas (GGAS) has increased prices to industrial consumers (83% of its volumes) by 16-17%. This price revision is the first in almost 18 months, and leaves ample scope for a further price increase in the near term, if required. Through this price increase, GGAS would be able to maintain its spread/unit at ~Rs4.1 through CY10 and 1QCY11. We maintain our earnings forecast of 20% CAGR through CY09-12ii, and reiterate BUY.
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