Asia stocks surge as tech extends rebound, Dec rate cut bets grow
Investing.com - CLSA upgraded Petronet LNG Ltd. (NS:PLNG) from Underperform to Hold and raised its price target to INR285.00 from INR270.00 following the company’s second-quarter fiscal 2026 performance.
The company reported a profit after tax of Rs8.1 billion for the quarter, exceeding CLSA’s estimate by 1%, despite lower-than-forecast volumes at both its Dahej and Kochi terminals. The outperformance was attributed to stronger unit regasification margins.
Petronet LNG ’s management provided guidance that its 5MMTPA Dahej expansion and Kochi-Bangalore pipeline connectivity projects are expected to be completed by March 2026. The company’s planned greenfield eastern offshore terminal in Gopalpur is currently awaiting environmental clearance.
Capital expenditure for Petronet’s upcoming petrochemical expansion is set to accelerate over the next six months, with full ramp-up anticipated in fiscal year 2027.
CLSA’s rating upgrade and price target increase follow recent price action in the stock, with the new target of INR285 representing a 5.6% increase from the previous target of INR270.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.