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Petronet LNG to foray in green energy, bio fuels

Capital Market 

Petronet LNG signed a non-binding memorandum of understanding with Ministry of Petroleum & Natural Gas for undertaking compressed bio-gas (CBC) projects.

With an objective of foraying into green energy and bio fuels, Petronet LNG on 20 November 2020 signed a non-binding pact with Ministry of Petroleum & Natural Gas for setting up compressed bio gas (CBG) plants under Sustainable Alternative Towards Affordable Transportation (SATAT) initiative of the Government of India.

SATAT initiative for boosting production and availability of CBG as an alternative and affordable clean fuel for transportation sector was launched by Government of India on 1 October 2018. The scheme envisages setting up of 5000 CBG plants by 2023-24 with a production target of 15 MMT, facilitating the creation of new employment opportunities and enhancing farmers' income towards further invigorating the rural economy.

Shares of Petronet LNG advanced 2.03% to close at Rs 258.95 on Friday, 20 November 2020.

On the technical front, the stock's RSI (relative strength index) stood at 69.995 on Friday, 20 November 2020. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was above its 50-day moving average (DMA) placed at 230.11 and its 200-day moving average (DMA) placed at 238.73.

Petronet LNG's consolidated net profit dropped 15.6% to Rs 919.47 crore on a 33.4% decline in net sales to Rs 6,235.78 crore in Q2 September 2020 over Q2 September 2019.

Petronet LNG was formed as a joint venture by the Government of India to import LNG and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like GAIL (India) (holds 12.50% stake), Oil & Natural Gas Corporation (ONGC) (holds 12.50% stake), Indian Oil Corporation (IOCL) (holds 12.50% stake) and Bharat Petroleum Corporation (BPCL) (holds 12.50% stake).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, November 21 2020. 13:19 IST
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