This oil stock turned Rs 1 lakh to Rs 3.65 lakh in 2022

Chennai Petroleum Corporation Ltd (CPCL) stock has generated outstanding returns for investors this year. Shares of the Indian Oil subsidiary closed at Rs 102.6 on December 31, 2021 from Rs 374.80 on June 8, 2022, resulting in gains of 264% over the period. State-owned Indian Oil is the company’s promoter, holding 51.89% of the equity in the March quarter.

By comparison, Sensex lost 5.75% over the period. An investment of Rs 1 lakh a year ago in the stock would have reached Rs 3.65 lakh today.

The stock closed at Rs 374.80 in the previous session. It has gained 192% over the past year.

During the current session, the stock was trading up 2.40% at Rs 383.50 at the start of the session.

A total of 1.19 lakh shares in the company changed hands, representing turnover of Rs 4.55 crore on BSE. The company’s market cap rose to Rs 5,692 crore on BSE. Shares of Chennai Petroleum are trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

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The stock climbed 17% to Rs 374.80 in the previous session. After the company reported a strong fourth quarter earnings package, ace investor Dolly Khanna bought 1 million shares equivalent to a 0.67% stake of Rs 26.31 crore via open market purchase on April 28, 2022.

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Dolly Khanna bought shares at Rs 263.15 each, according to wholesale transaction data. The company reported a fourfold increase in its consolidated net profit to Rs 1,002 crore from Rs 242 crore in Q4FY21. Operating revenue increased by 43% year-on-year to Rs 20,997 crore from Rs 14,705 crore in the prior year quarter.

In the fourth quarter of the previous fiscal year, 82,405 public shareholders held a 32.71% or 4.87 crore shareholding in the company.

Two promoters held 67.29% of the capital or 10.01 crores of shares during the last quarter. 77,187 public shareholders held 1.95 crore shares in the company, representing a stake of 13.11% with an individual share capital of up to Rs 2 lakh.

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105 public shareholders held 57.12 lakh shares in the company, representing a 3.84% stake with an individual share capital of over Rs 2 lakh. Chennai Petroleum Corporation operates in the downstream petroleum sector.

The company has approximately two refineries with a combined refining capacity of over 11.5 million tonnes per annum (MMTPA). The Manali Refinery has a capacity of approximately 10.5 MMTPA and is a refinery with production facilities for fuel, lubricant, wax and petrochemical feedstocks.

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