/ Petronet LNG Reignited On Customs Duty Cut ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 1 February 2017

Government has announced a cut in the customs duty on LNG to 2.5% from the earlier 5%. The group of Secretaries of State had recommended exemption of customs duty on LNG imports, tax on furnace oil and petroleum coke.

This was proposed to boost the biomass duty exemption on fly ash based goods used in the construction industry. The stock of Petronet LNG soared 3% on the news, overshadowing the flat movement up to the afternoon trade. Mahanagar Gas too increased 1.2%, post the announcement.

Petronet LNG Ltd is currently trading at Rs 385.05, up by Rs 11.1 or 2.97% from its previous closing of Rs 373.95 on the BSE. The scrip opened at Rs 376.95 and has touched a high and low of Rs 390.8 and Rs 371.1 respectively. So far 3348464(NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs 28046.25 crore. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 410.85 on 17-Oct-2016 and a 52 week low of Rs 230 on 25-Feb-2016.

Last one week high and low of the scrip stood at Rs 396.95 and Rs 372 respectively. The promoters holding in the company stood at 50 % while Institutions and Non-Institutions held 38 % and 12 % respectively. The stock is currently trading above its 50 DMA.

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