Chennai Petroleum soars after Dolly Khanna buys stake

29 Apr 2022 , 02:36 PM

As per the bulk deal data on the NSE, Dolly Khanna on Thursday (29 April 2022) bought 10 lakh shares, or 0.67% equity, of CPCL. The shares were purchased at Rs 263.15 per share. It values the deal at Rs 26.31 crore.

Shares of CPCL have surged 21.08% in three consecutive sessions. The stock was on demand after the companys standalone net profit surged 329% to Rs 994.42 crore on 87.9% increase in net sales to Rs 16,413.57 crore in in Q4 FY22 over Q4 FY21.

Crude throughput in Q4 FY22 stood at 2.906 MMT, rising 10.12% from 2.639 MMT in Q4 FY21. Average gross refining margin (GRM) for Q4 FY22 stood at $14.18 per barrel as against $6.40 per barrel in the corresponding period last year, up 121.56% on a YoY basis.

Further, the board recommended a dividend of Rs 2 per share for the Financial Year 2021-2022. The result was announced post market hours on 27 April 2022.

Shares of CPCL were currently frozen at the 52-week high level.

CPCL operates in downstream petroleum sector. It produces an array of value-added petroleum products. The company has two refineries. The Manali Refinery located at North Chennai has a capacity of 10.5 MMTPA. CPCLs second refinery is located at Cauvery Basin at Nagapattinam. The initial unit was set up with a capacity of 0.5 MMTPA in 1993 and later revamped to 1.0 MMTPA.

State-run Indian Oil Corporation holds 51.89% in the company, while total promoter shareholding stands at 67.29%

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