Payout provides bailout for HPCL

DALAL STREET SPIKES

Oil major HPCL witnessed a smart rally as the stock recovered from its recent lows after the company announced 160 per cent dividend for the year ended March 31.

The stock in yesterday's trading touched a high of Rs 325.40, before closing at Rs 320.35 gaining 6.57 per cent from its previous close. The stock closed at Rs 320.35 at the NSE.

Market analysts said, though the results were below the street expectations, it's the liberal dividend which fancied buying at the counter.

The stock in the last one month has crashed nearly 40 per cent from its high Rs 512.80 on April 22, to Monday's low at Rs 300.65, before gaining in today's trading.