Chennai Petro Soars to New Heights: 16% Surge in Five Days

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In the dynamic world of the stock market, keeping track of individual stocks is crucial. One such stock that has been making headlines recently is Chennai Petroleum Corporation (CPCL). This blog post will delve into the performance of CPCL, which has seen a significant surge in its stock price over the past five days.

Stock Performance

Chennai Petroleum Corporation (CPCL) jumped 8.84% to Rs 478.50, extending gains for the fifth consecutive trading session. 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 a 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 a 1.13% increase in Sensex.

Technical Analysis

On the technical front, the stock’s 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.

About Chennai Petroleum Corporation

Chennai Petroleum Corporation Limited (CPCL), formerly known as Madras Refineries Limited (MRL), was formed as a joint venture in 1965 between the Government of India (GOI), AMOCO, and National Iranian Oil Company (NIOC). The present shareholders are IOCL, NICO, and others holding 51.89%,15.40%,32.71% shares respectively.

CPCL was conceived as a grass root refinery in 1969 with an installed refining capacity of 2.5 MMTPA. Today, CPCL is one of the largest refining corporations in South India, with an installed refining capacity of 10.5 MMTPA. It has one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products.

CPCL has two refineries with a combined refining capacity of 11.5 million tonnes per year. The Manali Refinery in Chennai has a capacity of 10.5 million tonnes per year and is one of the most complex refineries in India with fuel, lube, wax and petrochemical feedstocks production facilities. CPCL’s second refinery is Nagapattnam Refinery located at Cauvery basin at Nagapattinam in Panagudi.

Financial Performance

The company’s 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 Rs14,744.80 crore in the quarter ended June 30th,2023.

Disclaimer

This blog post is for informational purposes only and should not be taken as investment advice. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.

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