Petronet LNG hits record high after brokerage raises price target

Petronet LNG rose 4.07% to Rs 438.90 at 11:36 IST on BSE after foreign brokerage reportedly raised its price target on the stock to Rs 510 from Rs 425 earlier, with a "buy" rating.

Meanwhile, the S&P BSE Sensex was down 170.46 points, or 0.57% to 29,617.89.

On the BSE, 2.90 lakh shares were traded in the counter so far, compared with average daily volumes of 2.08 lakh shares in the past one quarter. The stock had hit a high of Rs 440.40 so far during the day, its record high for the counter. The stock had hit a low of Rs 428 so far during the day. The stock hit a 52-week low of Rs 244.25 on 12 April 2016.

The stock had outperformed the market over the past one month till 11 April 2017, rising 11.49% compared with 2.91% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.98% as against Sensex's 9.76% rise.

The large-cap company has equity capital of Rs 750 crore. Face value per share is Rs 10.

According to reports, the brokerage said its confidence continues in Petronet LNG - India's key LNG importer - as a compelling story and safest name in its coverage. It sees no risk to company's ability to raise tariff by 5% in near term.

Petronet LNG's net profit surged 132.55% to Rs 397.47 crore on 23.9% increase in net sales to Rs 5976.58 crore in Q3 December 2016 over Q3 December 2015.

Petronet LNG was formed as a joint venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.

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