Gas sector may come under GST purview in Modi 3.0, GAIL, MGL to be top beneficiaries: Citi
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Notwithstanding a below par election outcome, Narendra Modi-led National Democratic Alliance (NDA) government could still be in a position to bring the gas sector under the purview of Goods and Services Tax (GST) tax, Citi Research said in a note. The US brokerage remains constructive on the gas sector and picks GAIL (India) and Mahanagar Gas Limited (MGL) as its top bets in the energy sector. GAIL shares today jumped 8% to the day's high of Rs 210.85 while MGL gained 5% aiding Nifty Oil & Gas index's uptick. The 15-stocks index was among the top performing indices and was up 2.5% around 12:30 pm. All counters were trading in the green. Citi's optimism rested on the NDA government still possessing the requisite majority in the GST Council. It said that one of the significant developments in the Modi 3.0 government could be the bringing of the gas sector under the GST ambit. While this issue in itself is relatively less con...