Petronet LNG rose 2.89% to Rs 254.60 at 14:15 IST on BSE after the company announced that it has entered into a binding sale and purchase agreement with Qatar's RasGas.
The announcement was made during trading hours today, 31 December 2015.
Meanwhile, the BSE Sensex was up 58.20 points, or 0.22%, to 26,018.23.
On BSE, so far 2.87 lakh shares were traded in the counter, compared with an average volume of 1.07 lakh shares in the past one quarter.
The stock hit a high of Rs 257.40 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 247 so far during the day. The stock hit a 52-week low of Rs 159.80 on 27 April 2015.
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The stock had outperformed the market over the past one month till 30 December 2015, rising 5.64% compared with 0.71% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 38.01% as against Sensex's 0.74% fall.
The large-cap company has an equity capital of Rs 750 crore. Face value per share is Rs 10.
Petronet LNG announced that it has entered into a binding sale and purchase agreement (SPA) with RasGas of Qatar for supply of an additional 1 million tonne a year (MTA) of LNG to India starting in 2016 for onward sale to Indian Oil Corporation, BPCL, GAIL (India) and Gujarat State Petroleum Corporation.
Further, RasGas and Petronet LNG have entered into a binding agreement to adjust some aspects of their existing long term LNG SPA of 7.5 MTA, signed by the parties in 1999, which laid the foundation for the LNG business in India. Such adjustments will protect and preserve the overall value of the contract. As per such agreement, LNG volumes not taken by Petronet from RasGas during 2015 will be taken and paid for by Petronet during the remaining term of the SPA and will maintain its current level of oil indexation with the oil index more closely reflecting the prevailing oil prices.
Consequently, Petronet has made similar adjustments to its existing Gas Sales & Purchase Agreement with its intermediate-offtakers, GAIL (India), Indian Oil Corporation and BPCL, Petronet LNG said in a statement.
Petronet LNG's net profit fell 5.3% to Rs 248.85 crore on 33.2% decline in net sales to Rs 7250.47 crore in Q2 September 2015 over Q2 September 2014.
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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