Meanwhile, the S&P BSE Sensex was up 236.46 points, or 0.75% to 31,923.98.

High volumes were witnessed on the counter. On the BSE, 4.47 lakh shares were traded in the counter so far, compared with average daily volumes of 2.27 lakh shares in the past one quarter. The stock had hit a high of Rs 239.80 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 228 so far during the day. The stock had hit a 52-week low of Rs 162.53 on 12 September 2016.

The stock had outperformed the market over the past one month till 8 September 2017, gaining 6.11% compared with 1.02% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 5.26% as against Sensex's 1.52% rise. The scrip had also outperformed the market in past one year, jumping 27.53% as against Sensex's 9.1% rise.

The large-cap company has equity capital of Rs 1500 crore. Face value per share is Rs 10.

Petronet LNG said that it has an agreement for purchase of 1.44 million tonnes per annum (MTPA) of LNG from Mobil Australia Resources Company (LNG Supplier), an affiliate of ExxonMobil Company, for a period of 20 years, from Gorgon project.

Petronet has been under active discussions with the LNG supplier regarding certain commercial aspects under its agreement. The discussions continue in good faith and the parties have reached a broad understanding of terms. The stock exchanges will be informed once the final agreements are executed, the company said.

Reports suggested that the government has renegotiated the pricing of a 20-year contract to import liquefied natural gas from Australia's Gorgon project. A supply glut in the gas market and the bleak prospects for suppliers has opened room for renegotiation, especially with fast-growing gas consumers like India, report added.

Petronet LNG's net profit jumped 15.8% to Rs 437.58 crore on 20.6% rise in net sales to Rs 6435.11 crore in Q1 June 2017 over Q1 June 2016.

Petronet LNG was formed as a joint venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.