Confidence Petroleum soars with launch of LPG cylinder unit

India Infoline News Service | Mumbai | October 05, 2017 14:21 IST

The shares of Confidence petroleum rose after it announced the launch of a new cylinder unit.

The stock price of Confidence Petroleum soared by 5% during the trading hours of Thursday. The spike came after the company announced that its subsidiary Blueflame Industries has commenced new cylinder manufacturing unit at Village Gutjora, Dhanbad, Jharkhand.

In response to the news, the stock advanced by approximately 4.78% to settle at Rs 21.90 on BSE.

The newly established unit will commence within a record time of 97 days and boast a capacity of producing 5 Lakh cylinders every year.

Currently, promoters are holding 53.66% stake in the company. At the end of the quarter on June 30, 2017, the company reported total revenue at 136.71 crore and net profit stood at 4.38 crore.

Confidence Petroleum India Ltd is currently trading at Rs 21.9, up by Rs 1 or 4.78% from its previous closing of Rs 20.9 on the BSE. The scrip opened at Rs 21.9 and has touched a high and low of Rs 21.9 and Rs 21.9 respectively. So far 15, 575 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 540.89 crore. Last one week high and low of the scrip stood at Rs 20.9 and Rs 19 respectively. The stock is currently trading above its 50 DMA.

***Note: This is a BSE Chart



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