Buy Petronet LNG, target of Rs 66: PINC Research

PINC Research has recommended a buy rating on Petronet LNG Ltd with a price target of Rs 66 in its April 06, 2009 research report.

“Petronet LNG Ltd. (PLL) accounts for 23% of natural gas supply of India and boasts of a sovereign parentage of GAIL, IOCL, ONGC and BPCL. Considered as an Indian pioneer in import distribution, it regasifies 6.5 million mtpa of imported LNG from its facility in Dahej, Gujarat and is a major supplier to GAIL’s HVJ gas pipeline. The capacity expansions at Dahej should enable PLL volume growth by 13% in FY10 to 7.4 million mt and 24% in FY11 to 9.2 million mt garnering scale in earnings. Hence we initiate coverage on the stock with a ‘BUY’ recommendation and a price target of Rs 66 on a 24 month investment perspective,” says PINC’s research report.

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