Gujarat Gas Company Limited (GGCL) has delivered good growth during the H1CY2010 with net sales growing 29% to Rs 810.8 crore and PAT growing 43% to Rs120.3 crore from 80 crore. The OPM margins were better by 320 bps yoy at 23.5% due to sustained cost optimization efforts. Increased sales was responsible for the strong all round growth in performance. With a new deal signed with parent British Gas (BG) for the supply of R-LNG and anticipation that, post notification of Section 16 of the PNGRB act, the formal authorization will be obtained to start operations in its notified areas, fresh triggers for the re rating of the stock are on the anvil (however we have not factored this into our estimates).