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Oil & Gas: GAIL (GAIL.BO, Buy, on our Conviction List)
• GAIL remains a key beneficiary of the structural theme of rising gas volumes (domestic and imported) in India
• The stock price does not reflect any value for subsidiary Gas, which we believe, will emerge as the largest city gas company in India and
could conservatively have EV of US$7bn by FY15E
• Our DCF-based 12-m TP of Rs.570 implies 16% upside potential
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