India's Petronet LNG jumps after report of long-term LNG deal with Qatar

Petronet LNG

23/01/2024 06:52

** Shares of Petronet LNG Ltd  PLNG.NS  up 5.1% at 259.35
rupees
    ** Qatar Energy could sign deal with Indian buyers,
including state-run PLNG for cheaper long-term LNG supply by at
least Jan-end, Reuters reported on Friday citing sources
    ** Deal also allows Indian buyers to decide which terminal
in India will receive cargoes, thereby reducing pipeline
transportation costs
    ** Stock jumped as much as 7.9% earlier in the session to
its highest since Sept 2019, when it hit record high after deal
with U.S.-based Tellurian for LNG purchases
    ** Stock rose 1.3% on Saturday; trading was closed on Monday
 
    ** Over 22.7 mln shares traded vs 30-day avg of ~4.9 mln
shares
    ** Thirty analysts covering PLNG rate it "hold" on avg;
median PT is 230 rupees - LSEG data


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))