52-week high alert: ONGC, IOL, Gail & BPCL-backed company signs MoU with LTL Holdings Limited (LTL) of Sri Lanka
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 191.65 per share.
Petronet LNG Limited (PLL) has entered into a Memorandum of Understanding (MoU) with LTL Holdings Limited (LTL) of Sri Lanka at Colombo, Sri Lanka for the supply of LNG to LTL’s dual-fuelled Power Plant(s) in Kerawalapitiya, Colombo. Both parties, through this MoU, have agreed to develop an LNG supply chain from PLL’s LNG terminal, Kochi to LTL’s Power Plant(s) in Kerawalapitiya, Colombo in a time-bound manner. The proposed supply of LNG from PLL's Kochi LNG Terminal would be through LNG ISO tank containers involving a multi-modal transport system. The initial term of LNG supply would be 5 years, which is extendable subject to mutual agreement.
Petronet LNG Ltd is a prominent player in the Indian Liquefied Natural Gas (LNG) market, established in 1998 as a joint venture between GAIL, Indian Oil, Bharat Petroleum and ONGC holding 12.5 per cent each. The company's primary focus is on the transportation, storage, and regasification of LNG. It operates two major regasification terminals at Dahej, Gujarat, and Kochi, Kerala, with a combined capacity of 22.5 million metric tons per annum (MMTPA). Petronet LNG plays a crucial role in India's energy landscape, accounting for approximately 33 per cent of the country's gas supplies and handling around 75 per cent of LNG imports.
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To meet the growing demand for LNG in India, Petronet LNG is actively expanding its operations. The company is increasing the regasification and storage capacities at its existing terminals while also exploring new geographical locations. A new terminal is being developed in Odisha, and Petronet LNG is diversifying its product offerings by establishing a petrochemical plant in Dahej, Gujarat. Additionally, the company is looking to enter the promising green hydrogen value chain, aligning with India's commitment to renewable energy and sustainable development.
On Wednesday, the shares of Petronet LNG Ltd gained 1.72 per cent and made a fresh new 52-week high of Rs 384.90 per share from its previous closing of Rs 378.40 with a spurt in volume by more than 1.40 times on BSE. The company has a market cap of over Rs 56,000 crore and has been maintaining a healthy dividend payout of 46.7 per cent. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 191.65 per share. Investors should keep an eye on this mid-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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