CPCL hits over four-year high; zooms 164% in 7 weeks on strong earnings

Shares of Chennai Petroleum Corporation Limited (CPCL) hit an over four-year high of Rs 343.60, and were frozen at the 5 per cent upper circuit on the BSE in Friday’s intra-day trade. The stock has zoomed over 150 per cent in the past one-and-half month on the back of strong earnings. It trades at its highest level since April 2018, the previous record high was Rs 490 in November 2007.

Since April 1, in seven weeks, the stock of state-owned refineries & marketing company has surged 164 per cent, as compared to a 8 per cent decline in the S&P BSE Sensex. As of 11:10 am, a combined around 16.8 lakh equity shares had changed hands and there were pending buy orders for 140,000 shares on the NSE and BSE.