 "Chennai Petroleum rallies on strong Q4 results")
Chennai Petroleum Corporation has rallied 13% to Rs 102 on the NSE after reporting over seven-fold jump in net profit at Rs 365 crore for the quarter ended March 2015 (Q4), due to higher gross refining margins (GRMs).
The refineries and petro products manufacturer had profit of Rs 50 crore in the same quarter last year and net loss of Rs 681 crore in December 2014 quarter.
It reported an operating profit of Rs 484 crore against Rs 226 crore in the same period last year.
The company posted GRMs of $5.85 per barrel against $1.96 a year ago, Chennai Petroleum said in a BSE filing.
Meanwhile, the board of directors have approved an issue of maximum number of 1,000 million non-convertible cumulative redeemable preference shares of Rs 10 each, in more than one tranche, for cash at par on private placement preferential allotment basis to Indian Oil Corporation Limited, the holding company.
The stock opened at Rs 92 and hit a high of Rs 103 on the NSE. The counter has seen huge trading volumes with a combined 3.44 million shares changed hands till 1132 hours, against an average sub one million shares that were traded daily in past two weeks on the NSE and BSE.
The refineries and petro products manufacturer had profit of Rs 50 crore in the same quarter last year and net loss of Rs 681 crore in December 2014 quarter.
It reported an operating profit of Rs 484 crore against Rs 226 crore in the same period last year.
The company posted GRMs of $5.85 per barrel against $1.96 a year ago, Chennai Petroleum said in a BSE filing.
Meanwhile, the board of directors have approved an issue of maximum number of 1,000 million non-convertible cumulative redeemable preference shares of Rs 10 each, in more than one tranche, for cash at par on private placement preferential allotment basis to Indian Oil Corporation Limited, the holding company.
The stock opened at Rs 92 and hit a high of Rs 103 on the NSE. The counter has seen huge trading volumes with a combined 3.44 million shares changed hands till 1132 hours, against an average sub one million shares that were traded daily in past two weeks on the NSE and BSE.
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