Dolly Khanna stock: This state-run company's share price jumps 7% - key triggers ! stock up over 200% in 6 months

Dolly Khanna Stock, Mutlibagger stock: Ace investor Dolly Khanna-owned state-run company – Chennai Petroleum Corporation Limited share price jumped almost 7 per cent to Rs 327 apiece on the BSE and NSE intraday during Wednesday’s session as the company signed joint venture with Indian Oil Corporation and other seed investors. 

According to the exchange filing of Chennai Petro, “The company’s board of directors at its meeting held on 22.08.2022 considered and approved the proposal for formation of a joint venture company amongst Chennai Petroleum Corporation Limited, Indian Oil Corporation Limited and Other Seed Investors for Implementing the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam District, at an estimated cost of Rs 31,580 crore.” 

The seed investors, as per Chennai Petro’s filing are Axis Bank Limited, HDFC Life Insurance Company Limited, ICICI Bank Limited, ICICI Prudential Life Insurance Company Limited and SBI Life Insurance Company Limited. 

Moreover, the board of directors also accorded approval for equity investment of up to Rs 2570 crore (+/-10 per cent) by the company in the joint venture, towards Chennai Petro’s contribution of 25 per cent, the regulatory filing also stated. 

Chennai-based investor Dolly Khanna had taken a fresh entry into Chennai Petro during June 2022 quarter. She picked 48,69,474 equity shares or 3.27 per cent stakes, as per the latest shareholding pattern of the company available on the BSE. 

Chennai Petro shares are mutlibagger as the counter has jumped over 216 per cent in the last six months as compared to over 8 per cent rise in the S&P BSE Sensex. Besides, in the last five sessions, it has gained over 10 per cent against over 2 per cent fall in the benchmark index. 

Almost a month ago, Chennai Petro’s standalone net profit came at Rs 2,358.79 crore in the April-June quarter for the financial year 2022-23 (Q1FY23) as compared to Rs 53.73 crore in a year-ago quarter. While its net sales stood at Rs 23,162.55 crore in Q1FY23 as against Rs 8,166.46 crore in Q1FY22.