State-run Hindustan Petroleum Corporation (HPCL) on Monday said that its board of directors could consider a proposal for a recommendation of bonus equity shares along with the fixation of record date on May 9, Thursday when the members meet to approve the company s financial results for the quarter ended March 31, 2024.
HPCL Q3 Results: Hindustan Petroleum Corporation s net profit for Q3 tripled YoY to Rs 529 crore, but slumped by 90% sequentially. Revenue from operations rose 2% YoY to Rs 1.11 lakh crore, growing by 16% sequentially. The stock declined over 6.5% following the Q3 earnings presentation. The board recommended an interim dividend of Rs 15 a share.
The S&P BSE Sensex rallied over 1,300 points while the Nifty50 closed with gains of over 400 points to close at 20,686. The S&P BSE Sensex hit a record high of 68,918 while the Nifty50 hit a high of 20,702. Sectorally, buying was seen in oil & gas, banks, public sector, power and capital goods stocks.
In a post-result earnings call, the company’s management stated that HPCL is carrying about 23 days of crude inventory and 30 days of marketing inventories.