Petronet share price zoomed over 8 per cent on the NSE today. The nation's largest importer of liquid gas, today posted its highest ever quarterly net profit at Rs.460 cr in September quarter on the back of record volumes of gas handled. The net profit of Rs.460 cr in July-September is 82 per cent higher than Rs.253 cr net profit in the same period a year ago, company chief executive officer (CEO) and Managing Director (MD) Prabhat Singh said. He said that they processed highest ever natural gas of 189 trillion British thermal units in second quarter, up from 157 TBtus last year.
The company completed expansion of its Dahej LNG import terminal in Gujarat to 15 million tons from previous 10 million tons. He said that Dahej handled 184 TBtus of imported gas as compared to 154 TBtus in Q2 of last year. Its 5 million tonnes Kochi terminal in Kerala, however, continues to operate at just 7 per cent capacity as key pipeline connecting it to customers is not yet ready. Kochi processed 4 TBtus of imported gas.
He said adding the commissioning was originally scheduled for November-end that the Dahej expansion was completed ahead of schedule. LNG is natural gas super-cooled to turn it into liquid for ease of transporting in ships. This liquid fuel at the import terminal is first turned back into its gaseous stage, a process called regassification, before it is sent to consumer through pipelines. The regassification facility was commissioned on 4th August and the storages were commissioned on 17th October.
Meanwhile, Petronet share price was trading at Rs.377.25, up 8.48 per cent on the NSE. It belongs to the top 500 sharesaccording to Dynamic Levels. For other information on the resistance and support levels of the scrip and also to know more about financials and fundamentals of the stock, please pay a visit to Petronet share price history.
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