 "Chennai Petroleum rallies over 15% on strong Q1 results")
Chennai Petroleum Corporation (CPCL) has rallied 18% to Rs 211 on the BSE after reporting a strong 81% year-on-year (YoY) jump in net profit at Rs 924 crore for the quarter ended June 2015 (Q1), due to higher gross refining margins (GRMs). The refineries and petro products manufacturer had posted a profit of Rs 510 crore in the same quarter last year.
The company posted GRMs of $10.09 per barrel against $1.88 a year ago, CPCL said in a BSE filing. It was $5.85/bbl for the previous January-March 2015 quarter, it added.
Total income from operations, however, declined by 30% at Rs 9,053 crore on a Y-o-Y basis.
Analysts on an average had expected profit of Rs 372 crore on revenues of Rs 9,519 crore for the quarter.
The stock opened at Rs 180 and hit a 52-week high of Rs 212 on the BSE. The counter has seen huge trading volumes, with a combined 15.03 million shares changing hands till 02:28 PM, against an average sub-three million shares that were traded daily in the past two weeks on the NSE and BSE.
The company posted GRMs of $10.09 per barrel against $1.88 a year ago, CPCL said in a BSE filing. It was $5.85/bbl for the previous January-March 2015 quarter, it added.
Total income from operations, however, declined by 30% at Rs 9,053 crore on a Y-o-Y basis.
Analysts on an average had expected profit of Rs 372 crore on revenues of Rs 9,519 crore for the quarter.
The stock opened at Rs 180 and hit a 52-week high of Rs 212 on the BSE. The counter has seen huge trading volumes, with a combined 15.03 million shares changing hands till 02:28 PM, against an average sub-three million shares that were traded daily in the past two weeks on the NSE and BSE.
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