HPCL rose 4.18% to Rs 467.80 at 15:00 IST on BSE after the reports of company's plans to invest Rs 1200 crore in the next three to five years in city gas distribution to expand network and build infrastructure.
Meanwhile, the S&P BSE Sensex was up 77.28 points, or 0.29%, to 26,679.29.
On the BSE, 2.33 lakh shares were traded in the counter so far, compared with average daily volume of 2.43 lakh shares in the past one quarter. The stock had hit a high of Rs 467.90 and a low of Rs 448.75 so far during the day.
HPCL has three city gas distribution joint ventures: Aavantika Gas Ltd, Bhagyanagar Gas Ltd and Godavari Gas Ltd.
HPCL reported net profit of Rs 701.32 crore in Q2 September 2016 compared with net loss of Rs 317.13 crore in Q2 September 2015. HPCL's net sales was flat at Rs 42030.64 crore in Q2 September 2016 over Q2 September 2015.
HPCL is a public sector oil marketing company. The Government of India held 51.11% stake in HPCL as per the shareholding pattern as on 30 September 2016.
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