HPCL shoots up smartly post strong Dec qtr results

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HPCL shoots up smartly post strong Dec qtr results

Hindustan Petroleum Corporation (HPCL) said that, government committed Rs 15,000 crore for oil marketing companies compensation for Q3. Centre has committed Rs 45,000 crore for 9MFY12, reports CNBC-TV18.

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Hindustan Petroleum Corporation (HPCL) has posted a net profit of Rs 2725 crore for the December quarter as against Rs 211 crore, year-on-year. The oil retailer in an earnings statement said it got a boost in the form of subsidy support of Rs 8080 crore from upstream companies and Rs 503.34 crore from the government for selling petroleum products at government controlled rates.

It touched an intraday high of Rs 315 and an intraday low of Rs 296.40. At 10:47 hrs the share was quoting at Rs 309.10, up Rs 21.60, or 7.51%.
 
It was trading with volumes of 259,542 shares, compared to its 5-day average of 98,761 shares, an increase of 162.80%.
 
In the previous trading session, the share closed up 0.59% or Rs 1.70 at Rs 287.50.