CPCL jumps after announcing stellar Q4 results

Chennai Petroleum Corporation surged 12.51% to Rs 101.65 at 12:50 IST on BSE after net profit surged 631.92% to Rs 364.57 crore on 33.85% decline in net total income from operations to Rs 8823.95 crore in Q4 March 2015 over Q4 March 2014.

The company announced results during market hours today, 25 May 2015.

Meanwhile, the S&P BSE Sensex was down 220.01 points or 0.79% at 27,737.49.

On BSE, so far 7.1 lakh shares were traded in the counter, compared with an average volume of 1.09 lakh shares in the past one quarter.

The stock hit a high of Rs 103.25 and low of Rs 92.10 so far during the day. The stock had scaled a 52-week high of Rs 113.90 on 26 May 2014. The stock hit a 52-week low of Rs 62.20 on 25 March 2015.

The stock had outperformed the market over the past one month till 22 May 2015, gaining 8.01% compared with Sensex's 0.24% rise. The scrip had also outperformed the market in past one quarter, rising 18.96% as against Sensex's 4.36% fall.

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

Chennai Petroleum Corporation said that the board of directors of the company at its meeting held on 23 May 2015, has accorded approval for issue of maximum number of 100 crore non-convertible cumulative redeemable preference shares in more than one tranche, for cash at par on private placement preferential allotment basis to Indian Oil Corporation, the holding company, subject to the approval of the shareholders of the company

The board has also approved increasing the authorised share capital of the company from Rs 400 crore to Rs 1400 crore divided into 40 crore equity shares and 100 crore preference shares by creation of 100 crore preference shares, subject to the approval of the shareholders of the company.

Chennai Petroleum Corporation (CPCL), formerly known as Madras Refineries (MRL) is into production of LPG, Motor Spirit, Superior Kerosene, Aviation Turbine Fuel, High Speed Diesel, Naphtha, Bitumen, Lube Base Stocks, Paraffin Wax, Fuel Oil, Hexane and Petrochemical feed stocks..

CPCL is a subsidiary of Indian Oil Corporation (IOCL) with IOCL holding 51.89% stake in the firm as at 31 March 2015.

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