During Thursday’s trading session, the shares of a company engaged in the import and regasification of LNG surged 5.6 percent to Rs. 363.45 on BSE, after the company announced the commissioning of two LNG storage tanks.
With a market capitalisation of Rs. 54,255 crores, at 12:02 p.m., the shares of Petronet LNG Limited were trading in the green at Rs. 362, up by nearly 5.2 percent, as against its previous closing price of Rs. 344.25.
What’s the News:
According to the latest regulatory filings with the stock exchanges, Petronet LNG Limited announced the commissioning of two LNG storage tanks on 1st October.
The two LNG storage tanks i.e. T-107 & T-108, each have a capacity of 1.8 lakh cubic meters, and are located at the company’s Dahej LNG terminal.
Previous News:
On 20th August, Petronet LNG Limited entered into a Memorandum of Understanding (MoU) with LTL Holdings Limited (LTL) of Sri Lanka in Colombo, Sri Lanka.
The MoU was signed for the supply of LNG to LTL’s dual-fuelled Power Plant(s) in Kerawalapitiya, Colombo.
Both parties, through this MoU, have agreed for the development of the 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.
Financials:
The company reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 15 percent, rising from Rs. 11,656 crores in Q1 FY24 to Rs. 13,415 crores in Q1 FY25.
During the same period, the company’s net profit rose from Rs. 819 crores to Rs. 1,105 crores, representing a growth of around 35 percent YoY.
About the Company:
Petronet LNG Limited was formed as a Joint Venture among Bharat Petroleum Corporation Limited, GAIL (India) Limited, Indian Oil Corporation Limited and Oil and Natural Gas Corporation Limited holding 12.5 percent each, primarily to develop, design, construct, own and operate Liquefied Natural Gas (LNG) import and regasification terminals in India.
Incorporated in 1998, Petronet LNG is involved in the business of import and regasification of LNG and supply to BPCL, GAIL, IOCL and others.
Presently, the company owns and operates LNG Regasification Terminals with name plate capacity of 17.5 MMTPA at Dahej, Gujarat, and 5 MMTPA at Kochi, Kerala.
Written by Shivani Singh
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