Petronet LNG spurts 4%; to renegotiate Australia gas price

Petronet LNG Ltd. (PLL) could opt for renegotiation of the rates for purchasing gas under its contract with Exxon’s Gorgon project in Australia, as per report. The Australian contract was signed in 2009, when liquefied natural gas (LNG) sources were limited, resulting in higher prices. But now with the market dynamics changing, Petronet LNG will likely push for renegotiation.

Jan 05, 2016 10:01 IST India Infoline News Service

Shares of Petronet LNG ended higher 4% at Rs. 260 after reports of Petronet LNG opting for renegotiation of the rates for purchasing gas under its contract with Exxon’s Gorgon project in Australia. The Australian contract was signed in 2009, when liquefied natural gas (LNG) sources were limited, resulting in higher prices. But now with the market dynamics changing, Petronet LNG will likely push for renegotiation.

The scrip opened at Rs. 255.5 and touched a high and low of Rs. 261.8 and Rs. 252.65 respectively. A total of 4185810(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 18720 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 262 on 01-Jan-2016 and a 52 week low of Rs. 159.8 on 27-Apr-2015. Last one week high and low of the scrip stood at Rs. 262 and Rs. 241.5 respectively.

The promoters holding in the company stood at 50 % while Institutions and Non-Institutions held 27.54 % and 22.46 % respectively.

The stock traded below its 50 DMA.

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