Hindustan Oil declines for second day

Hindustan Oil Exploration Company slumped 10.28% to Rs 197.30, extending losses for second day.

The stock has declined by 12.45% in two session, from its recent closing high of Rs 225.35 recorded on 30 March 2022.

While the scrip is currently trading below its 50-day simple moving average placed at 208.47, it has managed to trade above its 100-day and 200-day SMA placed at 196.46 and 179.28, respectively.

Referring to its B-80 Project, Hindustan Oil Exploration Company yesterday said that the pre-commissioning and safety checks at KGB-Offshore Installation (MOPU) and FSO Prem Pride (FSO) are complete and the system is ready to receive the first hydrocarbons.

"The well opening sequence was followed to bring the first well safely on production, however we have encountered operational issues and troubleshooting is currently ongoing," the company said.

The delay witnessed in the commencement of production from the field being unanticipated, necessary corrective actions are being taken by the company, and the field will safely be brought on line for production as soon as the issues are rectified.

Hindustan Oil Exploration Company is engaged in the exploration and production of hydrocarbons crude oil and natural gas, which are natural resources. The company provides geological and geophysical services relating to the exploration of oil and natural gas and other oil field services. The company has a 100% subsidiary namely HOEC Bardahl India Ltd which is engaged in marketing of fuel or engine additives.

The company's consolidated net profit surged 127.86% to Rs 19.14 crore in the quarter ended December 2021 as against Rs 8.40 crore during the previous quarter ended December 2020. Sales rose 57.91% YoY to Rs 43.93 crore in Q3 FY22.

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