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    Add Petronet LNG, target price Rs 275: Centrum Broking

    Synopsis

    Petronet LNG Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 37402.50 Crore) operating in Gas & Petroleum sector.

    Petronet LNG
    Promoters held 50 per cent stake in the company as of June 30, 2020, while FIIs held 29.2 per cent, DIIs 7.9 per cent and public and others 13 per cent.
    Centrum Broking has given add rating to Petronet LNG with a target price of Rs 275. The share price moved down by 2.12 per cent from its previous close of Rs 255.15. The stock’s last traded price is Rs 249.75.
    Petronet LNG Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 37402.50 Crore) operating in Gas & Petroleum sector.

    Financials
    For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 4883.57 Crore, down 43.00 % from last quarter Sales of Rs 8567.15 Crore and down 43.30 % from last year same quarter Sales of Rs 8613.44 Crore. The Company reported net profit after tax of Rs 520.23 Crore in latest quarter.
    petronet-grph

    Investment Rationale
    Prospects remain solid for Petronet with steady demand trajectory coupled with 2.5mt expansion at Dahej/Kochi ramp up post Kochi Mangalore pipeline. It has revised Earnings by -1.3/+1.1% for FY21/22E to factor changes in opex/ interest costs. Higher competition from new terminals and record low spot LNG prices to create pressure on utilization for PLNG unless renegotiation with RasGas succeeds. With the renewed uncertainty on tellurian investment amount, we see limited triggers from here despite comfortable dividend yield of ~5%.

    Promoter/FII Holdings
    Promoters held 50 per cent stake in the company as of June 30, 2020, while FIIs held 29.2 per cent, DIIs 7.9 per cent and public and others 13 per cent.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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