HPCL rises on commissioning Bhatinda refinery

HPCL is trading higher by 5% at Rs 298 after Hindustan Mittal Energy Ltd (HMEL), a joint venture between the company and Lakshmi Mittal’s Mittal Energy, said all units at the 180,000 barrel per day (bpd) Bathinda plant are commissioned.

“HPCL-Mittal Energy has commissioned its 9 million tonne a year or 180,000 barrels a day Guru Gobind Singh Refinery (GGSR) at Phullokari, Bhatinda," the report suggests.

HMEL is an equal JV between state-run Hindustan Petroleum and Mittal Energy Investment, Singapore, part of the LN Mittal group. Both partners hold 49% equity stake each in the company and the balance 2% is held by Indian financial institutions.

The stock opened at Rs 286 and hit a high of Rs 299 on the National Stock Exchange. A combined around 500,000 shares have changed hands on the counter so far on both the exchanges.