HPCL slides after announcing Q3 results

HPCL dropped 1.99% to Rs 392.55 at 15:02 IST on BSE after the company announced Q3 results during market hours today, 9 February 2018.

HPCL's net profit rose 22.6% to Rs 1949.69 crore on 14.43% rise in revenues to Rs 62832 crore in Q3 December 2017 over Q3 December 2016.

The company has accounted for budgetary support of Rs 194.53 crore in Q3 December 2017 compared to Rs 263.88 crore in Q3 December 2016 towards under-recovery on sale of kerosene.

Meanwhile, the S&P BSE Sensex was down 426.23 points, or 1.24%, to 33,986.62.

High volumes were witnessed on the counter. On the BSE, 6.4 lakh shares were traded in the counter so far compared with average daily volume of 2.9 lakh shares in the past one quarter. The stock had hit a high of Rs 404.50 and a low of Rs 386 so far during the day. The stock had hit record high of Rs 493 on 1 September 2017. The stock had hit a 52-week low of Rs 327.33 on 27 June 2017.

The stock had underperformed the market over the past 30 days till 8 February 2018, falling 4.69% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 7.99% as against Sensex's 3.6% rise. The scrip had also underperformed the market in past one year, rising 5.04% as against Sensex's 21.64% rise.

The large-cap company has an equity capital of Rs 1523.82 crore. Face value per share is Rs 10.

HPCL's board of directors declared an interim dividend of Rs 14.50 per share for the year ending 31 March 2018 (FY 2018).

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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