NEW DELHI: Hindustan Petroleum Corporation Ltd (HPCL) on Wednesday announced share buyback worth Rs 2,500 crore at 34 per cent premium, even as the second-largest oil refiner and fuel retailer more than doubled its September quarter profit to Rs 2,477 crore from Rs 1,052 crore in the previous corresponding period.
\nCompany chairman M K Surana said the shares will be bought back from the market to \u201cunlock value\u201d for investors and \u201creward those who have remained invested,\u201d including minority shareholders. Parent ONGC, the flagship explorer, will not offer any share from its kitty for the buyback.
\nHPCL will buy back some 10 crore shares, accounting for 6.56% stake, at Rs 250 each, or a 34 per cent premium on Wednesday\u2019s closing price of Rs 187.20 on the NSE.
\nSurana said this was a good time for buyback as the stock price was low and funds were also available at cheaper rates. \u201cWe believe that HPCL share has a lot more intrinsic value than what it is reflecting right now. HPCL has been liberal in rewarding its shareholders and buyback is one of the ways (to do that),\u201d he said, adding it will also give a good opportunity to those who want to exit.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Hindustan Petroleum Corporation Ltd (HPCL) on Wednesday announced share buyback worth Rs 2,500 crore at 34 per cent premium, even as the second-largest oil refiner and fuel retailer more than doubled its September quarter profit to Rs 2,477 crore from Rs 1,052 crore in the previous corresponding period. Company chairman M K Surana said the shares will be bought back from the market to \u201cunlock value\u201d for investors and \u201creward those who have remained invested,\u201d including minority shareholders. Parent ONGC, the flagship explorer, will not offer any share from its kitty for the buyback. HPCL will buy back […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-382501","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/382501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=382501"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/382501\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=382501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=382501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=382501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}