Petronet LNG shares hit all-time high; Nomura raises target price

Shares of Petronet LNG surged as much as 4.63 per cent to hit their record high in Wednesday’s session after Japanese brokerage house Nomura raised the target price for the stock from Rs 425 per share to Rs 510 per share.

The scrip was trading 4.16 per cent up at Rs 439.30 around 12.50 pm. Shares of the company opened at Rs 428 and touched an intraday high and low of Rs 441.30 and Rs 428, respectively, in trade so far. Benchmark BSE Sensex was down 97.38 points, or 0.33 per cent, at 29,690.97.

"Our confidence continues in Petronet LNG as a compelling story and safest name in our coverage," Nomura says in note.

The brokerage house sees no risk to company's ability to raise tariff by 5 per cent in near term.

Out of 38 analysts covering the stock, 24 have a 'buy' or higher rating, six have 'hold' while the rest have 'sell' or lower rating on Petronet LNG.

For the quarter ended December 31, 2016, the company reported a net profit of Rs 397.47 crore, up 122.81 per cent, against Rs 178.39 crore in the corresponding quarter last year. Revenue of the company grew 22.41 per cent yoy to Rs 6299.29 during the quarter under review. It had posted revenue of Rs 5146.03 crore in the same quarter last year.