HPCL board to mull buyback on 4 Nov

Hindustan Petroleum Corporation (HPCL) said that its board will consider share buyback on Wednesday, 4 November 2020.

On the same day, the oil marketing company's board will also consider and approve the financial results for the quarter ended on 30 September 2020.

The company's net profit surged 156.7% to Rs 2,252.65 crore on 46.9% slump in net sales to Rs 37,558.80 crore in Q1 June 2020 over Q1 June 2019.

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons. ONGC holds 51.11% stake in HPCL as of 30 June 2020.

The scrip jumped 4.54% to Rs 179.60 on the BSE. It traded in the range of 170.40 and 180.75 so far during the day.

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