HPCL surges 8% on good Q1 nos

The stock  zoomed to a high of Rs 363 and finally ended at Rs 359, up 8% from the previous close. The counter clocked volumes of around 779,396 shares as compred to 217,713 shares traded on the BSE. The scrip touched a 52-week high of Rs 398 yesterday.
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(Updated at 1151hrs)

HPCL has surged following a strong Q1 performance.

The stock today opened at Rs 337 and surged 5.5% to touch a high of Rs 350. It is now trading at Rs 349 - up 5%. The stock is now down 12% from its 52-week high of Rs 398. However, it has soared 112% from its 52-week low of Rs 164.

Around 302,076 shares have been traded on the BSE so far.

Lower under-recoveries has helped state-run Hindustan Petroleum Corporation (HPCL) post a net profit of Rs 649.12 crore for the first quarter ended June 30, 2009 against a net loss of Rs 888.12 crore in the corresponding period a year-ago. Net under-recovery on sale of sensitive petroleum products during the first quarter came down to Rs 990 crore from Rs 2,758 crore during the corresponding previous period.