Moneycontrol Bureau
Shares of HPCL jumped 6 percent intraday on Friday after it posted highest ever profit since its inception 40 years ago. The state-owned company reported a 58 percent jump in its March quarter net profit on back of higher refining margin.
The company earned USD 7.47 on turning every barrel of crude oil into fuel in the quarter as against a gross refining margin of USD 4.66 a barrel in the fourth quarter a year ago. It had an inventory loss of Rs 19 crore in Q4 compared with Rs 453 crore gain in the same period previous year.
Morgan Stanley remains overweight on stellar results driven by strong refining and marketing.
At 14:27 hrs the stock was quoting at Rs 669.30, up Rs 32.45, or 5.10 percent on the BSE.
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