India's Petronet LNG hits record high on contract with QatarEnergy

Petronet LNG

06/02/2024 10:04

** Shares of Petronet LNG  PLNG.NS  rise as much as 8.5% to
hit all-time high of 296.45 rupees
    ** LNG importer said it is executing a long-term contract
for purchase of 7.5 MMTPA liquefied natural gas (LNG) with
QatarEnergy
    ** Under new contract, LNG supplies will be made on
delivered (DES) basis commencing from 2028 till 2048
    ** Stock was up 6.5% before PLNG's announcement
    ** Stock last up 5.9% with trading volume 3.5x the 30-day
moving average
    ** Analysts' avg rating on PLNG is "hold", in contrast with
"buy" rating on rivals Oil India  OILI.NS  and ONGC  ONGC.NS  -
LSEG data
    ** PLNG's 3.3% climb in 2023 lags behind OILI, ONGC's 79%
and 40% rise and oil and gas index's  .NIFOILGAS  13% climb
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))