HPCL gained 2.94% to Rs 786.95 at 14:35 IST on BSE after the board of directors of the company approved the proposal for implementation of Mumbai refinery capacity expansion.
The company made announcement during market hours today, 30 September 2015.
Meanwhile, the S&P BSE Sensex was up 284.74 points or 1.1% at 26,063.40.
On BSE, so far 82,400 shares were traded in the counter as against average daily volume of 2.25 lakh shares in the past two weeks.
The stock hit high of Rs 787.90 and low of Rs 768.75 so far during the day. The stock had hit a record high of Rs 991 on 10 August 2015. The stock had hit a 52-week low of Rs 461 on 30 September 2014.
The stock had underperformed the market over the past one month till 29 September 2015, falling 7.84% compared with 2.33% fall in the Sensex. The scrip had however outperformed the market in past one quarter rising 4.94% as against Sensex's 6.75% fall.
HPCL said board of directors of the company at its meeting held on 29 September 2015, has approved the proposal for implementation of Mumbai refinery capacity expansion from 7.5 million metric tonne per annum (MMTPA) to 9.5 MMTPA - Phase I (capacity expansion). The expansion project has a scheduled completion of 36 months from the date of Environmental Clearance, with an estimated total cost of about Rs 4200 crore.
HPCL's net profit jumped 3349.3% to Rs 1588.04 crore on 12.5% decline in total income to Rs 52034.17 crore in Q1 June 2015 over Q1 June 2014.
Government of India holds 51.11% stake in HPCL (as per the shareholding pattern as on 30 June 2015).
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