Chennai Petroleum freezes in 20% upper circuit on healthy Q2 results

Shares of Chennai Petroleum Corporation were locked in the 20 per cent upper circuit band at Rs 81.35 on the BSE on Thursday after it reported a consolidated net profit of Rs 291 crore for September quarter (Q2FY21). The company, engaged in petroleum sector, had posted a loss of Rs 213 crore in Q2FY20.

For the period April – September'2020 Gross Refining Margin was US$ 9.70 per bbl against $2.03 per bbl for the same period last fiscal. The average gross refining margins (GRM) were healthy mainly due to favourable increase in prices of crude and products. 

Consolidated Ebitda (earnings before interest,