Chennai Petroleum Corporation rose 2.12% to Rs 82 at 12:01 IST on BSE after the company scheduled a board meeting on 16 May 2014 to consider issue of rights shares.
The company made the announcement during market hours today, 14 May 2014.
Meanwhile, the S&P BSE Sensex was down 52.59 points or 0.22% at 23,818.64
On BSE, so far 1.57 lakh shares were traded in the counter as against average daily volume of 83,134 shares in the past one quarter.
The stock hit high of Rs 84.30 and a low of Rs 80.50 so far during the day. The stock had hit a 52-week high of Rs 113 on 16 May 2013. The stock had hit a 52-week low of Rs 52 on 29 October 2013.
The stock had outperformed the market over the past one month till 13 May 2014, rising 13.9% compared with 5.49% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 30.57% as against Sensex's 18.21% rise.
The small-cap crude oil refiner has equity capital of Rs 149 crore. Face value per share is Rs 10.
Chennai Petroleum Corporation (CPCL) said that a meeting of the Board of Directors of the company will be held on Friday, 16 May 2014, to consider a proposal for In-Principle approval for issue of rights shares to the shareholders of the company.
CPCL reported a net loss of Rs 96.80 crore in Q3 December 2013, lower than net loss of Rs 464.83 crore in Q3 December 2012. Net sales fell 2% to Rs 11355.90 crore in Q3 December 2013 over Q3 December 2012.
State-run oil refining-cum-marketing giant Indian Oil Corporation (IOC) holds 51.89% stake in CPCL as per the shareholding pattern as on 31 March 2014.
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