Institutional buying lift for Petronet LNG

DALAL STREET SPIKES

Backed by a strong FII buying, the Petronet LNG stock has been in thick of action. The rally in the counter began since mid-December 2004.

From a low of Rs 22.45 on December 9, 2004, the scrip has risen a staggering 106 per cent in just a little over a month.

According to dealing room sources, foreign funds have been aggressively active at the counter of late. In Tuesday's trading the stock touched a high of Rs 47.95, before closing marginally lower at Rs 44.20. More than 78.9 lakh shares were traded on the BSE alone.

BPCL, GAIL, IOC and ONGC are the promoters of PLL. According to analysts, PLL plans to double its gasification capacity at Dahej in Gujarat from 5.0 mmt to 10 mmt by June-2008 has been a big trigger for the stock to do well.