Shares of Hindustan Petroleum Corporation (HPCL) rose almost 10 per cent to hit an intraday excessive of Rs 204.05 after its internet revenue greater than doubled in September quarter and firm introduced a share buyback proposal. The state-run oil refiner and retailer after market hours on Wednesday introduced that its revenue greater than doubled to Rs 2,477.45 crore from Rs 1,052.31 crore through the corresponding quarter a yr in the past.
HPCL’s income from sale of merchandise nonetheless declined 7.3 per cent to Rs 61,340.30 crore versus Rs 66,164.62 throughout the identical interval final yr.
HPCL’s common gross refining margin, a measure of how a lot the corporate earned by refining a barrel of crude oil, through the six months ended September 30, 2020 was $2.58 per barrel as towards $1.87 per barrel through the corresponding interval of earlier yr.
The firm’s board of administrators accredited a proposal to buyback 10 crore fairness shares of the corporate at Rs 250 per share aggregating to Rs 2,500 crore translating into 6.56 per cent of the entire paid up fairness share capital, HPCL mentioned in a inventory change submitting.
HPCL’s share buyback value is at a premium of 34 per cent to its Wednesday’s closing value of Rs 186.75. The particulars of course of and timelines of share buyback proposal might be launched by the corporate by November 6, HPCL added in a inventory change submitting.
At 12:51 pm, HPCL shares have been buying and selling 9.34 per cent greater at Rs 204.20, outperforming the Sensex which was up 1.56 per cent.