Religare Institutional Research has maintained 'Sell' on Petronet LNG with target price of Rs 150 in its report.
Commenting on the investment rationale, the stock broker said, "Petronet LNG's total processed volumes improved by 9% QoQ to 150.5tbtus, as benign LNG prices (down over Q2 to an avg. of USD 12.9/mmbtu from USD 14.5/mmbtu. Q3 to be flat-to-weaker sequentially as a decline in crude prices could make alternative fuel attractive vis-a-vis LNG, and the onset of winter hurts plant operations/utilization. Expansion of the Dahej plant to 15mmtpa is on track for commissioning in December 2016. In addition, the company is actively considering further expansion to 17.5mmtpa at a capex of Rs 12.5 billion."
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