Tax Change Could Boost Indian City-Gas Distributors' Margins -- Market Talk

Dow Jones

2025/10/08

0328 GMT - Indian city-gas distributors' margins could rise after a 15% value-added tax to the Gujarat state government was replaced with a 2% central sales tax on Oct. 1, says Nomura's Bineet Banka in a note. The VAT was levied on administered price mechanism, or APM, gas and new well gas purchased from Gujarat. The tax change implies gas-cost savings of around 13% for both Indraprastha Gas and Mahanagar Gas, which source around 45% and 12%, respectively, of their APM gas from the state, the analyst says. This could translate to a 22% absolute Ebitda gain for Indrapastha and 4% for Mahanagar. Nomura maintains its neutral rating and INR225.00 target on Indraprastha, and its buy rating and INR1,580.00 target on Mahanagar. Their shares were last at INR220.05 and INR1,312.90, respectively. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

October 07, 2025 23:28 ET (03:28 GMT)

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The VAT was levied on administered price mechanism, or APM, gas and new well gas purchased from Gujarat. The tax change implies gas-cost savings of around 13% for both Indraprastha Gas and Mahanagar Gas, which source around 45% and 12%, respectively, of their APM gas from the state, the analyst says. This could translate to a 22% absolute Ebitda gain for Indrapastha and 4% for Mahanagar. Nomura maintains its neutral rating and INR225.00 target on Indraprastha, and its buy rating and INR1,580.00 target on Mahanagar. Their shares were last at INR220.05 and INR1,312.90, respectively. 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The VAT was levied on administered price mechanism, or APM, gas and new well gas purchased from Gujarat. The tax change implies gas-cost savings of around 13% for both Indraprastha Gas and Mahanagar Gas, which source around 45% and 12%, respectively, of their APM gas from the state, the analyst says. This could translate to a 22% absolute Ebitda gain for Indrapastha and 4% for Mahanagar. Nomura maintains its neutral rating and INR225.00 target on Indraprastha, and its buy rating and INR1,580.00 target on Mahanagar. Their shares were last at INR220.05 and INR1,312.90, respectively. (megan.cheah@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 07, 2025 23:28 ET (03:28 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4211","symbol_name":"區域性銀行","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2573916466","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2573916466","pubTimestamp":1759894080,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0328 GMT - Indian city-gas distributors' margins could rise after a 15% value-added tax to the Gujarat state government was replaced with a 2% central sales tax on Oct. 1, says Nomura's Bineet Banka in a note. The VAT was levied on administered price mechanism, or APM, gas and new well gas purchased from Gujarat. The tax change implies gas-cost savings of around 13% for both Indraprastha Gas and Mahanagar Gas, which source around 45% and 12%, respectively, of their APM gas from the state, the analyst says. This could translate to a 22% absolute Ebitda gain for Indrapastha and 4% for Mahanagar. Nomura maintains its neutral rating and INR225.00 target on Indraprastha, and its buy rating and INR1,580.00 target on Mahanagar. Their shares were last at INR220.05 and INR1,312.90, respectively. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","CHCO":"City Holding Company"},"translate_title":"税收变化可能会提高印度城市燃气分销商的利润率——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHCO":1.5},"content_text":"0328 GMT - Indian city-gas distributors' margins could rise after a 15% value-added tax to the Gujarat state government was replaced with a 2% central sales tax on Oct. 1, says Nomura's Bineet Banka in a note. The VAT was levied on administered price mechanism, or APM, gas and new well gas purchased from Gujarat. The tax change implies gas-cost savings of around 13% for both Indraprastha Gas and Mahanagar Gas, which source around 45% and 12%, respectively, of their APM gas from the state, the analyst says. This could translate to a 22% absolute Ebitda gain for Indrapastha and 4% for Mahanagar. Nomura maintains its neutral rating and INR225.00 target on Indraprastha, and its buy rating and INR1,580.00 target on Mahanagar. Their shares were last at INR220.05 and INR1,312.90, respectively. (megan.cheah@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 07, 2025 23:28 ET (03:28 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}