Petronet LNG can test Rs 140: Rajesh Jain

Petronet LNG can test Rs 140, says Rajesh Jain, Independent Market Strategist.

Jain told CNBC-TV18, "Petronet LNG has high capital requirements given its strong funding plans. However, it has the ability to source gas on spot basis and that has helped it to grow its business significantly over the last year."
He further added, "Given the continued concerns on Reliance output from KG-D6 and the fact that Petronet LNG has been able to tie-up supplies very well and grow its volumes, it becomes a top institutional pick at current levels and I would expect it to post a price of Rs 140 despite the concerns in the market."