HPCL slips on bleak Q2 numbers
DALAL STREET SPIKES
| The stock was down 1.63 per cent to close at Rs 307.80, after hitting an intra-day low of Rs 303.60. More than 7.47 lakh shares changed hands at the counter on the Bombay Stock Exchange (BSE). |
| HPCL, burdened by the oil subsidy in the current quarter on the back of rising oil prices, reported a 33.6 per cent decline in its net profit to Rs 294.31 crore from Rs 443.84 crore in the same quarter last year. |
| Total income net of excise rose 15 per cent to Rs 13,592.68 crore from Rs 11,785.73 crore during the same period. HPCL's poor results reflect a fall in marketing margins on retail sales of petroleum products such as petrol and diesel. |
| Three oil refining-cum- marketing companies Indian Oil Corporation, BPCL and HPCL have not raised prices of petrol and diesel at a time when global crude oil prices have touched new highs. |