Chennai Petroleum slips on reports Chennai refinery shuts operations due to flooding

Chennai Petroleum Corporation fell 4.32% to Rs 192.75 at 15:08 IST on BSE on reports the company shut its refinery in Chennai yesterday, 2 December 2015, due to heavy flooding in Tamil Nadu.

Meanwhile, the BSE Sensex was down 177.81 points, or 0.68%, to 25,940.04.

On BSE, so far 1.25 lakh shares were traded in the counter, compared with an average volume of 3.78 lakh shares in the past one quarter.

The stock hit a high of Rs 201 and a low of Rs 191.75 so far during the day. The stock hit a 52-week high of Rs 264.70 on 20 August 2015. The stock hit a 52-week low of Rs 62.20 on 25 March 2015.

The stock had underperformed the market over the past one month till 2 December 2015, sliding 3.50% compared with 1.66% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.16% as against Sensex's 2.61% rise.

The mid-cap company has an equity capital of Rs 149 crore. Face value per share is Rs 10.

According to reports, Chennai Petroleum Corporation shut its 210,000 barrels per day (bpd) Manali refinery yesterday, 2 December 2015, night due to heavy flooding in the southern state of Tamil Nadu.

Reports added that the smaller 20,000 bpd Nagapattinam refinery in Tamil Nadu was operating normally.

The floods that have reportedly killed over 250 people in Tamil Nadu began to recede, giving rescue teams a chance to evacuate thousands of residents stranded by the heaviest cloudburst in the city of Chennai in over a century.

Chennai Petroleum Corporation reported net loss of Rs 452.39 crore in Q2 September 2015, higher than net loss of Rs 233.14 crore in Q2 September 2014. Net sales fell 43.7% to Rs 5980.72 crore in Q2 September 2015 over Q2 September 2014.

Chennai Petroleum Corporation (CPCL) has two refineries with a combined refining capacity of 11.5 million tonnes per annum (MMTPA). The Manali Refinery has a capacity of 10.5 MMTPA and is one of the most complex refineries in India with Fuel, Lube, Wax and Petrochemical feedstocks production facilities. CPCL's second refinery is located at Cauvery Basin at Nagapattinam. This unit was set up in Nagapattinam with a capacity of 0.5 MMTPA in 1993 and later enhanced to 1.0 MMTPA.

Indian Oil Corporation (IOC) held 51.89% stake in CPCL (as on 30 September 2015).

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