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Shares of Hindustan Petroleum Corporation Limited (HPCL) have rallied nearly 8% to Rs 980, also their new lifetime high on the National Stock Exchange (NSE), ahead of April-June (Q1) quarter earnings on August 11.
Till 03:17 PM, a combined 2.83 million shares changed hands against an average sub-two million shares that were traded daily in the past two weeks on the BSE and NSE.
The board of directors of the company will meet on August 11, 2015, to consider the unaudited financial results of the corporation for the first quarter ended June 30, 2015 (April-June 2015) (Q1), HPCL said in a statement.
A sharp fall in oil prices have led to a significant decline in under-recoveries for oil marketing companies (OMC). Refining margins have also strengthened on the back of strong product demand, lower fuel and loss costs, crude discounts and respite from inventory losses.
Kotak Institutional Equities expects HPCL to report net profit of Rs 796 crore for June quarter against profit of Rs 46 crore in the previous year's corresponding quarter.
“Profitability will be boosted by strong refining margins of US $6.6/bbl, through lower compared to US $7.5/bbl in 4QFY15,” an analyst at Kotak Institutional Equities said in a results preview.
Meanwhile, Oil and Natural Gas Corporation (up 4.6% at Rs 283), Bharat Petroleum Corporation (up 2% at Rs 957) and Indian Oil Corporation (1.7% at Rs 426) are among other state-owned oil and gas companies trading higher in otherwise subdued market.
Till 03:17 PM, a combined 2.83 million shares changed hands against an average sub-two million shares that were traded daily in the past two weeks on the BSE and NSE.
The board of directors of the company will meet on August 11, 2015, to consider the unaudited financial results of the corporation for the first quarter ended June 30, 2015 (April-June 2015) (Q1), HPCL said in a statement.
A sharp fall in oil prices have led to a significant decline in under-recoveries for oil marketing companies (OMC). Refining margins have also strengthened on the back of strong product demand, lower fuel and loss costs, crude discounts and respite from inventory losses.
Kotak Institutional Equities expects HPCL to report net profit of Rs 796 crore for June quarter against profit of Rs 46 crore in the previous year's corresponding quarter.
“Profitability will be boosted by strong refining margins of US $6.6/bbl, through lower compared to US $7.5/bbl in 4QFY15,” an analyst at Kotak Institutional Equities said in a results preview.
Meanwhile, Oil and Natural Gas Corporation (up 4.6% at Rs 283), Bharat Petroleum Corporation (up 2% at Rs 957) and Indian Oil Corporation (1.7% at Rs 426) are among other state-owned oil and gas companies trading higher in otherwise subdued market.
