HOEC hits 52-week low on weak Q3 earnings
The company has reported net loss of Rs 529 crore for the quarter ended December 31, 2012 mainly due to impairment loss of Rs 571 crore.
Hindustan Oil Exploration Company (HOEC) has dipped over 6% to Rs 91 in opening trades after reporting net loss of Rs 529 crore for the quarter ended December 31, 2012 (Q3) due to impairment loss of Rs 571 crore. The oil exploration and production company had profit of Rs 4.82 crore in a year ago quarter.
“Total income from operations too declined by 33% to Rs 2,266 crore from Rs 3,385 crore over the previous year quarter,” HOEC said in a statement.
The stock opened at Rs 95.75 and hit a 52-week low of Rs 89.60 on NSE. A combined 391,725 shares have changed hands on the counter so far on both the exchanges.
“Total income from operations too declined by 33% to Rs 2,266 crore from Rs 3,385 crore over the previous year quarter,” HOEC said in a statement.
The stock opened at Rs 95.75 and hit a 52-week low of Rs 89.60 on NSE. A combined 391,725 shares have changed hands on the counter so far on both the exchanges.