On Tuesday, Petronet LNG shares surged 8.20% to trade at its 52-week high of Rs 296.15, from its previous closing of Rs 273.7 on the BSE.
About the contract
Today, Petronet LNG Ltd announced that it has successfully concluded and executed an LNG Sale & Purchase Agreement (LNG SPA) for the purchase of around 7.5 MMTPA LNG with QatarEnergy on a long-term basis. This is pursuant to the extension of an existing LNG SPA for LNG supply of around 7.5 MMTPA LNG Sale & Purchase Agreement on FOB basis, signed on 31st July 1999 for supplies till 2028. Under the new agreement, LNG supplies will be made on a delivered (DES) basis commencing from 2028 till 2048.
Similar to the earlier agreement of 1999, the LNG volumes under the new SPA shall also be offtaken by GAIL (India) Limited (60%), Indian Oil Corporation Limited (30%) and Bharat Petroleum Corporation Limited (10%) after regasification primarily from Dahej Terminal of PLL on substantially back-to-back basis.
This LNG SPA between PLL and QatarEnergy will ensure the energy security of India and assure continued supplies of regasified LNG to major consuming sectors like fertilisers, CGD, refineries & petchem, power and other industries.
Company profile
Petronet LNG is one of the leading players in the oil and natural gas industry space. The company’s promoters are GAIL (India), Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL).
Stock price movement
Today, the stock opened at Rs 277.35 and has touched a high and low of Rs 296.15 and Rs 274.6, respectively. The BSE group ‘A’ stock of face value of Rs 10 has a 52-week high and low of Rs 296.15 and Rs 191.65, respectively. Last one week high and low of the scrip stood at Rs 296.15 and Rs 260.95, respectively. The current market cap of the company is Rs 43,027.50 crore.
The promoters holding in the company stood at 50.00%, while Institutions and Non-Institutions held 37.77% and 12.21% respectively.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.