HPCL recovers on plans to raise funds from overseas

HPCL gained 1.92% to Rs 512.25 at 10:50 IST on BSE after the company said that it is contemplating issue of senior, unsecured notes in the overseas market and will not be offered for sale in India.

The announcement was made after market hours yesterday, 27 June 2017.

Meanwhile, the S&P BSE Sensex was down 16.89 points, or 0.05%, to 30,941.36.

On the BSE, 45,960 shares were traded in the counter so far, compared with average daily volume of 2.4 lakh shares in the past one quarter. The stock had hit a high of Rs 514.90 and a low of Rs 504.30 so far during the day. The stock had hit record high of Rs 584.45 on 14 February 2017. The stock had hit a 52-week low of Rs 312.31 on 27 June 2016.

The stock had dropped 5.81% in four sessions to Rs 502.60 yesterday, 27 June 2017, from a close of Rs 533.65 on 20 June 2017.

The stock had underperformed the market over the past one month till 27 June 2017, falling 11.43% compared with 0.23% fall in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 2.82% as against Sensex's 5.89% rise. The scrip had, however, outperformed the market in past one year, gaining 54.93% as against Sensex's 17.25% rise.

The large-cap company has an equity capital of Rs 1015.88 crore. Face value per share is Rs 10.

On 15 November 2016, HPCL's board of directors had approved the issue of secured/unsecured, redeemable non convertible bonds/debentures aggregating Rs 6000 crore from domestic as well as overseas market. The shareholders had approved the same on 6 January 2017.

The company has appointed intermediaries for organizing investor meetings for the probable foreign currency denominated bonds. The bond offering may follow subject to market conditions.

HPCL's net profit rose 31% to Rs 1818.79 crore on 25.3% rise in net sales to Rs 51414.21 crore in Q4 March 2017 over Q4 March 2016.

HPCL is a public sector oil marketing company. The Government of India held 51.11% stake in HPCL as per the shareholding pattern as on 31 March 2017.

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