HPCL drops after reverse turnaround in Q3

HPCL lost 0.96% to Rs 247.35 at 10:19 IST on BSE after the company reported a net loss of Rs 1733.91 crore in Q3 December 2013 as against net profit of Rs 147.11 crore in Q3 December 2012.

The Q3 result was announced after market hours on Tuesday, 11 February 2014.

Meanwhile, the S&P BSE Sensex was up 120.82 points or 0.59% at 20,484.19.

On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 89,000 shares in the past two weeks.

The stock hit a high of Rs 250.95 and a low of Rs 244.85 so far during the day.

HPCL's total income from operations rose 3.82% to Rs 55454.99 crore in Q3 December 2013 over Q3 December 2012.

During the nine months ended 31 December 2013, discount from upstream oil companies viz. ONGC and GAIL amounting to Rs 11099.66 crore (previous year corresponding period Rs 10041.27 crore) in respect of crude oil, PDS kerosene & domestic LPG purchased from them has been accounted. This includes an amount of Rs Nil for the nine months ended 31 December 2013 (previous year corresponding period Rs 1619.28 crore) which is receivable from ONGC and has been accounted as other operating revenue, HPCL said.

Based on the approval received from the Government of India (GoI), the company has accounted for Budgetary Support amounting to Rs 8276.99 crore for the nine months ended 31 December 2013 (previous year corresponding period Rs 12204.82 crore) against under-recoveries on sale of sensitive petroleum products, HPCL said.

The Government of India holds 51.11% stake in HPCL (as per the shareholding pattern as on 31 December 2013).

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