Fund buying nudges up Hindustan Petroleum

DALAL STREET SPIKES

Oil PSU HPCL was in the limelight hitting all-time high on fund-based buying. The stock gained Rs 4 to close at Rs 481.30 as against its previous close of Rs 485.90. More than 8.3 lakh shares changed hands at this counter at the BSE.

The stock has recovered smartly in the last few days from a low of Rs 413.75 on January 22 to today's close of Rs 481. Market sources said there is accumulation happening at this counter at lower levels.

Also, the good third quarter numbers have attracted buying at this counter, said an analyst. HPCL's Q3 net profit surged 135 per cent to Rs 775.71 crore.

Marketmen expect, that disinvestment will happen once the elections are over with the government offloading its 34 per cent stake in the company.

The SC had last year stalled the sell-off process stating the divestment of the two companies would require parliamentary approval.