HPCL shares hit 52-week high; here is why investors remain upbeat
The strong upmove in the stock came after news agency Press Trust of India reported that the state-run oil marketing company plans to start operations at its five-million-tonnes-a-year LNG import terminal in Chhara, Gujarat in the next couple of months.
Hindustan Petroleum Corporation (HPCL) shares jumped to register a fresh 52-week high on Friday, December 1, continuing to rise for the third trading session in a row. The HPCL stock strengthened by as much as Rs 8.8, or 2.5 per cent, to Rs 356.1, surpassing an earlier peak of Rs 351 scaled last month.
The strong upmove in the stock came after news agency Press Trust of India reported that the state-run oil marketing company plans to start operations at its five-million-tonnes-a-year LNG import terminal in Chhara, Gujarat in the next couple of months.
The company had already received offers from 6-7 parties to hire capacity, and a decision would be taken soon, the report quoted HPCL Director (Marketing) Amit Garg as saying.
The terminal was mechanically completed in March but its commissioning was delayed as a 40-kilometre pipeline connecting it to an existing network meant for sales to consumers was not yet ready.
“We will commission the LNG terminal in the next couple of months,” Garg said.
HPCL built the facility, located in Chhara in the Gir-Somnath district of the state, to receive natural gas super-cooled to a liquid state in cryogenic ships.
HPCL share price: Past performance
In 2023 so far, HPCL shares have rewarded investors with a return of nearly 50 per cent, sharply outperforming a more than 11 per cent rise in the headline Nifty index.
(With PTI inputs)
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
11:13 AM IST