Gujarat State Petronet – Call Closure Reco price Rs97, Call closure price Rs110

We had recommended a BUY on Gujarat State Petronet in our detailed sector report India Natural Gas – ‘Fuel for Growth’ dated 14^th June, 2011 with a target price of Rs113. The stock has hit a high of Rs113.2 in Friday’s (9^th September, 2011) trading session. Currently the stock trades at Rs110. We recommend investors to book profit at current levels as the stock has rallied ~14% since our recommendation. Although we remain bullish on the long term business potential of the company, we see limited upsides from the current levels.