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Shares of Hindustan Petroleum Corporation Ltd (HPCL) on Friday jumped over 8 per cent after the company reported its March quarter net profit soaring manifold.
It rallied 8.14 per cent to ₹288.15 — its 52-week high — on the BSE.
Also read: Indian, European refiners get ready to buy Iranian oil
On the NSE, it jumped 8.22 per cent to its 52-week high of ₹288.30.
HPCL on Thursday reported its March quarter net profit soaring to ₹3,018 crore on the back of inventory gains and rise in refining margins.
The company had a net profit of ₹27 crore in January-March 2020.
“Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations,” HPCL Chairman and Managing Director MK Surana told reporters.
Also read: PESB picks Arun Kumar Singh as next CMD of BPCL
For the full 2020-21 fiscal year (April to March), HPCL posted a record net profit of ₹10,664 crore compared to ₹2,637 crore for the previous year.
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