FIIs have been increasing their stake in the firm steadily, but the majority of the increase happened in the most recent quarter. Back in the September 2023 quarter, FIIs stake stood at 11.4%.
Yoganand D
BL Research Bureau |
Updated on
March 09, 2021
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Investors with a short-term perspective can buy the stock of Chennai Petroleum Corporation at current levels. The stock has been in a medium-term uptrend since it took support at around ₹64 in October 2020. In early December 2020, the stock had emphatically breached a key crucial resistance at ₹90 that had subsequently turned into a vital base level and cushioned it in late December 2020 and January this year. The stock continued to trend upwards thereafter and breached an immediate resistance at ₹100 in the past week. On Monday, the stock extended the on-going rally by gaining 11.9 per cent with good volume and has surpassed a barrier at ₹110 decisively. It now has potential to extend the rally in the ensuing trading sessions. Moreover, the stock trades well above the 21- and 50-day moving averages. There has been an increase in volume over the past one week. The daily relative strength index has re-entered
The company reported a Rs 556.44 crore loss in the December quarter due to lower refinery run and tax expenses. CPCL had reported a Rs 290.58 crore profit in the same period a year back, it said in a stock exchange filing.