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Shares of Chennai Petroleum Corporation (CPCL) were trading higher by 4.5% at Rs 183, extending their month-long rally on the BSE.
The stock hit a fresh 52-week high of Rs 188 in intra-day trades, rallying more than 100% from Rs 90 on May 22, after the company reported a robust set of numbers for the quarter ended March 2015. The S&P BSE Sensex declined 0.17% during the same period.
CPCL, an Indian Oil Group company, had reported over seven-fold rise in net profit at Rs 365 crore for the fourth quarter ended March 31, 2015. The company had posted a profit of Rs 49.81 crore during the corresponding period of the previous year.
Meanwhile, state-owned Indian Oil Corp (IOC) will invest Rs 1,000 crore for raising its stake in CPCL, which will use the money for expanding its operations.
On May 25, the CPCL board decided to issue 1,000 million non-convertible preference shares of Rs 10 each, for cash at par on private placement preferential allotment basis to IOC, the holding company, subject to the approval of the shareholders of the company.
Till 1315 hours, a combined 5.94 million shares changed hands on the counter on the BSE and NSE.
The stock hit a fresh 52-week high of Rs 188 in intra-day trades, rallying more than 100% from Rs 90 on May 22, after the company reported a robust set of numbers for the quarter ended March 2015. The S&P BSE Sensex declined 0.17% during the same period.
CPCL, an Indian Oil Group company, had reported over seven-fold rise in net profit at Rs 365 crore for the fourth quarter ended March 31, 2015. The company had posted a profit of Rs 49.81 crore during the corresponding period of the previous year.
Meanwhile, state-owned Indian Oil Corp (IOC) will invest Rs 1,000 crore for raising its stake in CPCL, which will use the money for expanding its operations.
On May 25, the CPCL board decided to issue 1,000 million non-convertible preference shares of Rs 10 each, for cash at par on private placement preferential allotment basis to IOC, the holding company, subject to the approval of the shareholders of the company.
Till 1315 hours, a combined 5.94 million shares changed hands on the counter on the BSE and NSE.
