Shares of the petroleum refinery company surged 16.11% in five trading sessions from its recent closing low of Rs 412.10 on 1 September 2023.The stock hit 52-week high of Rs 492 today. The counter has soared 156.57% from its 52-week low of Rs 186.50 hit on 26 December 2022.On the BSE, 3.60 lakh shares were traded in the counter so far compared with average daily volumes of 91,360 shares in the past two weeks. The scrip had outperformed the market in past one month, advancing 27.92% as against 1.13% increase in Sensex.The scrip outperformed the market in past one quarter, jumping 32.16% as against Sensexs 5.95% rise.The counter had outperformed the market in past one year, surging 63.31% as against Sensexs 11.56% surge.On the technical front, the stocks daily RSI (relative strength index) stood at 74.189. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 407.67, 375.71 and 302.85, respectively. These levels will act as crucial support zones in near term.Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products. As on 30 June 2023, Indian Oil Corporation held 51.89% stake in CPCL.The companys standalone net profit slumped 76.8% to Rs 548.32 crore in Q1 FY24 as against Rs 2,358.79 crore recorded in Q1 FY23. Revenue from operations (excluding excise duty) dropped 36.3% year on year to Rs 14,744.80 crore in the quarter ended 30 June 2023.
Chennai Petroleum Corporation Ltd fell 1.35% today to trade at Rs 350. The S&P BSE Energy index is down 0.02% to quote at 8281.85. The index is down 1.57 % over last one month. Among the other constituents of the index, Hindustan Oil Exploration Company Ltd decreased 0.99% and Reliance Industries Ltd lost 0.37% on the day. The S&P BSE Energy index went down 3.77 % over last one year compared to the 9.16% surge in benchmark SENSEX. Chennai Petroleum Corporation Ltd has lost 21.04% over last one month compared to 1.57% fall in S&P BSE Energy index and 2.36% drop in the SENSEX. On the BSE, 22082 shares were traded in the counter so far compared with average daily volumes of 1.19 lakh shares in the past one month. The stock hit a record high of Rs 458.95 on 07 Jul 2023. The stock hit a 52-week low of Rs 186.5 on 26 Dec 2022.
Subramanian Sarma, whole-time director and senior executive vice president (Energy), hopes that the company will win 15-20% of the orders it will bid for. In India, the government should give incentives for generation and demand creation when it comes to green hydrogen, he said.