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BUZZ-India's Petronet LNG rises on strong Q2 results
November 9, 2017 / 4:21 AM / 14 days ago

BUZZ-India's Petronet LNG rises on strong Q2 results

** Shares in Petronet LNG Ltd rise as much as 5.4 pct, their highest since Oct. 24

** Co posted a 28.1 pct increase in Sept-qtr profit to 5.89 billion rupees ($15.40 million)

** “Result is way ahead of our expectation and bolsters our positive view on the stock,” Sudeep Anand from IDBI Capital said, maintaining ‘buy’ rating on the stock

** Nomura says numbers are “far stronger” than its expectations, adds terminals at Dahej in the western Indian state of Gujarat and Kochi in the southern state of Kerala reported record though-puts

** LNG demand was particularly strong in September, and is key reason for beat - Nomura

** Nomura retains its ‘buy’ rating with a price target of 275 rupees

** Stock has risen 41.5 pct this year as of Wednesday’s close; posts biggest intra-day pct gain in over four weeks

** Twenty-six of 36 brokerages rate the stock “buy” or higher, 5 “hold” and 5 “sell” or lower; their median PT is 245 rupees - Thomson Reuters Eikon data ($1 = 64.9150 Indian rupees)

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