Chennai Petroleum Corporation jumped 6.99% to Rs 133.85 at 13:30 IST on BSE, with the stock extending 20% upper circuit hit in previous session.
Meanwhile, the S&P BSE Sensex was down 272.75 points, or 1.02%, to 26,567.75.
On BSE, so far 14.51 lakh shares were traded in SPARC's counter, compared with an average volume of 2.05 lakh shares in the past one quarter.
The stock hit a high of Rs 141.90, also a 52-week high for the stock. The stock hit a low of Rs 131 so far during the day. The stock hit a 52-week low of Rs 62.20 on 25 March 2015.
From a recent low of Rs 104.25 on 9 June 2015, the stock has jumped 28.39% in two sessions to a current ruling price of Rs 133.85.
The stock had outperformed the market over the past one month till 10 June 2015, jumping 36.87% compared with 0.98% decline in the Sensex. The scrip had also outperformed the market in past one quarter, surging 69.74% as against Sensex's 6.51% fall.
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The mid-cap stock has an equity capital of Rs 149 crore. Face value per share is Rs 10.
Chennai Petroleum Corporation (CPCL) has sought shareholders nod for borrowing limit up to Rs 8000 crore for both domestic and foreign borrowings in order to meet its working capital requirement and capital expenditure program. The shareholders nod is also sought for bonds issue of up to Rs 3000 crore on private placement basis.
Last month, CPCL's board of Directors at its meeting held on 23 May 2015, had accorded approval for increasing the authorised share capital of the company from Rs 400 crore to Rs 1400 crore (divided into 40 crore equity shares of Rs 10 each and 100 crore preference shares of Rs 10 each) by creation of 100 crore preference shares of Rs 10 each, subject to the approval of the shareholders of the company.
The board had approved issue of maximum number of 100 crore non-convertible cumulative redeemable preference shares of Rs 10 each, in more than one tranche, for cash at par on private placement preferential allotment basis to Indian Oil Corporation, the holding company, subject to the approval of the shareholders of the company.
Chennai Petroleum Corporation's net profit jumped 631.9% to Rs 364.57 crore on 33.8% decline in total income to Rs 8840.75 crore in Q4 March 2015 over Q4 March 2014.
The main products of CPCL are LPG, Motor Spirit, Superior Kerosene, Aviation Turbine Fuel, High Speed Diesel, Naphtha, Bitumen, Lube Base Stocks, Paraffin Wax, Fuel Oil, Hexane and Petrochemical feed stocks. CPCL also supplies LABFS to a downstream unit for manufacture of Liner Alkyl Benzene.
Indian Oil Corporation held 51.89% stake in the firm as per the shareholding pattern as on 31 March 2015.
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