Chennai Petroleum Corp zooms 15% on Rs 55 dividend declaration, 72% surge in Q4 profit

The stock of Chennai Petroleum Corporation jumped over 15 percent on April 24 after the company reported a 72 percent sequential surge in profit for the quarter ended March 31 and a dividend of Rs 55 per share, according to an exchange filing.

The stock surged 15.93 percent to end the day at Rs 1075.60 on the BSE on April 24.

The company's net profit for the fourth quarter of FY24 jumped 71.9 percent to Rs 627.89 crore from Rs 365.28 crore in the December quarter. However, it was lower than the Rs 1,012.81 crore reported a year ago.

The company has announced a dividend of Rs 55 per share. "The board of directors of the company has recommended an equity dividend (dinal) of 550 percent for financial year 2023-2024 i.e, Rs 55 per equity share of a face value Rs 10 each on the paid-up share capital, subject to the approval of shareholders at the ensuing annual general meeting of the company," the filing said.