India's gas demand remains challenged - Morgan Stanley

Indraprastha Gas

28/12/2022 09:38

** India's gas demand remains challenged, with no material
improvement despite lower global import prices over past three
months, says Morgan Stanley
    ** MS says domestic gas market share grinds higher in Dec.
after falling 4% in Nov, Morgan Stanley says
    ** Says industrial and city gas demand shifted to propane
and fuel oil, and both sectors have increased usage of domestic
gas as well
    ** But, MS adds, power, industrial and city gas shift to
alternatives fuel sustains
    ** LNG demand was down 17% YoY in Nov 22, while industrial
demand for LNG has halved since Jan 21, says MS 
    ** Says new fertiliser capacity helped cushion decline in
LNG demand
    ** MS prefers GAIL  GAIL.NS , Indraprastha Gas  IGAS.NS ,
while staying "underweight" on Petronet LNG  PLNG.NS 
    ** GAIL, PLNG last up 0.84% and 0.35%, respectively, while
IGAS down 0.74%
 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))