Heard on the street

Petronet jumps 4% on bulk buying by funds

Shares of Petronet LNG rose 4% to Rs 118.90 on Friday supported by volumes twice the twoweek average. According to dealers, foreign institutional investor “Credit Lines” , along with some domestic mutual funds, was among the buyers in the stock.

The company recently decided to double the capacity for the proposed liquefied natural gas (LNG) terminal in Kochi to 5 million tonne at a cost of Rs 4,000 crore. The terminal is expected to be commissioned by March 2012 and is likely to result in power generating company NTPC’s Kerala plant switch to LNG from naphtha.


Contributed by Harish Rao