HPCL Share Price Soars Despite Decline in Quarterly Net Profit
📈 Government-owned Maharatna company Hindustan Petroleum Corporation Limited (HPCL) announced its fourth quarter results this month. The company also issued bonus shares for two shares. HPCL has now declared the record date for the bonus shares. This is the third time in the last seven years that HPCL has issued bonus shares. In 2016, a bonus share ratio of 2:1 was announced, and this year a ratio of 1:2 bonus shares has been declared. The record date for HPCL bonus shares is set for June 21, 2024. Investors who purchase shares before July 8, 2024, will receive bonus shares at a rate of Rs. 10 per equity share. To receive HPCL bonus shares, investors must buy the company’s shares before the ex-date. Investors who purchase shares after the ex-date will not be eligible for the bonus shares. The ex-date comes before the record date. On Wednesday (May 29, 2024), the share was trading at Rs. 540 with a 1.24% decline.
📉 HPCL’s net profit for the fourth quarter on an annual basis decreased by 25%. The company’s net profit for the quarter increased from Rs. 529 crore to Rs. 2,840 crore. HPCL’s operating profit increased from Rs. 2,164 crore to Rs. 4,213 crore on a quarterly basis. In addition to announcing the results, the Maharatna PSU also declared a final dividend of Rs. 16.50 per share.
💼 In the Mumbai stock market on Monday, HPCL’s share closed at Rs. 557.55 with an increase of Rs. 14.50. On the NSE, the company’s share closed at Rs. 556, up by 2.31%. HPCL’s 52-week high is Rs. 594.80 and low is Rs. 239.20. HPCL’s shares have given investors a return of 62.22% in the last six months and 115.75% in the last year. The market capitalization of the Maharatna PSU is Rs. 79.15 thousand crores.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
