Hindustan Petroleum Corporation (HPCL) has rallied 9.56% at Rs 315 on reporting 13-fold increase in net profit at Rs 2,725 crore for the quarter ended December 2011 on receiving government subsidy on fuel sales for the previous two quarters. The state-owned oil marketing company had clocked-in a net profit of Rs 211 crore in year earlier. Net sales grew 41% at RS 33,902 crore on year-on-year basis.
The company said it got a boost in the form of subsidy support of Rs 8,080 crore from upstream companies and Rs 503 crore from the government for selling petroleum products at government-controlled rates.
A combined 336,828 shares have changed hands on the counter in morning deals on both the exchanges.
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