Chennai Petroleum Share Price Surges!
๐๐ฅ Chennai Petroleum Corporation Limited’s stock is currently showing a strong upward trend. The company’s share price recently surged by nearly 16% to reach โน1,088, marking a new 52-week high. Following the impressive results in the March quarter, the company’s shares have also seen a boost.
Additionally, the company has announced a dividend of โน55 per share. Chennai Petroleum Corporation stated that its net profit for the March quarter increased by approximately 72% to โน627.89 crore, compared to โน365.28 crore in the December quarter. However, this is lower than the profit of โน1,012.81 crore in the same quarter last year.
In the March quarter, the company’s revenue stood at โน20,822.95 crore, slightly lower than โน21,350.05 crore in the same quarter a year ago. For the December 2023 quarter, the company’s revenue was โน20,453.94 crore.
The company’s board has recommended a dividend of โน55 per share. According to information sent to the stock exchange, the board has proposed a 550% equity dividend for the financial year 2024. This means that the company will provide a dividend of โน55 per share with a face value of โน10 per share. The approval is pending at the annual general meeting, and the record date for the dividend will be announced soon.
Chennai Petroleum Corporation’s share price recently rose by 15.5% to reach โน1,071.55. Since the beginning of 2024, the company’s shares have witnessed a growth of approximately 52.15%. Over the past year, it has delivered returns of over 300% to its investors.
Formerly known as Madras Refineries Limited, Chennai Petroleum Corporation is a subsidiary of Indian Oil Corporation, owned by the Government of India.
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