Stock market expert Ashwani Gujral has suggested that Petronet LNG stock can be purchased by day traders in today’s trading session around Rs 70 for achieving an intraday target of Rs 78.

If the stock markets remain on positive track, the next intraday target for the day is above Rs 83. The stop loss for the day is Rs 63.

After gaining Rs 5.10, the shares of the company ended positively at Rs 70.15, on Friday, on the Bombay Stock Exchange (BSE). Current EPS and P/E ratio of the stock stood at 6.14 and 11.42 respectively. The share price has seen a 52-week high of Rs 121.9 and a low of Rs 41.15 on BSE.

According to Mr. Gujral, Pertonet stock will achieve the target price as the company has good growth outlooks considering its projects under implementation and influential future plans.

Besides, Asian Development Bank (ADB) said that it has no plans to sell its 5.2% stake in Petronet LNG.

On February 26, Petronet CEO and Managing Director Prosad Dasgupta had said that ADB was expected to exit Petronet by the year end as its internal regulations banned it from being a lender and an equity holder in the same company.

On this the bank said, “There is no internal regulations that prohibit ADB from being a debt financier as well as equity holder in the same company.”

Dasgupta had stated that ADB was likely to sell its shares in Petronet after it along with German development bank KfW approved a USD 169-million loan to Petronet for its expansion projects at Dahej and new terminal at Kochi.

The ADB exit news, had prompted its promoters to stake claim over the shares of the multilateral lending agency by virtue of their first right of refusal. First, GAIL India Chairman and Managing Director UD Choubey wanted to buyout the entire 5.2% of ADB and then IOC Chairman Sarthak Behuria also laid a claim.

But since acquisition of even a single share by the public sector promoter firms would have turned Petronet into a state-run company, Behuria suggested selling the ADB stake to the public.

Other stocks from the same sector that looks good for short-term trading includes NOCIL, Guj State Petro and Jubilant Org.