Confidence Petroleum India hit an upper circuit limit of 5% at Rs 22.95 at 12:58 IST on BSE, with the stock extending Thursday's gains triggered by the company commencing new cylinder manufacturing unit in Jharkhand.
Meanwhile, the S&P BSE Sensex was up 167.89 points or 0.53% at 31,759.92. The S&P BSE Small-Cap index advanced 175.40 points or 1.07% at 16,624.58.
On the BSE, 13.44 lakh shares were traded on the counter so far as against the average daily volumes of 2.68 lakh shares in the past one quarter. The stock had hit a high of Rs 22.95 so far during the day, which is a 52-week high. The stock hit a low of Rs 22.50 so far during the day. The stock had hit a 52-week low of Rs 6.51 on 15 December 2016.
The stock had outperformed the market over the past one month till 5 October 2017, advancing 20.99% compared with the Sensex's 0.68% fall. The stock had also outperformed the market over the past one quarter, gaining 26.81% as against the Sensex's 1.11% rise. The scrip had also outperformed the market over the past one year, advancing 143.06% as against the Sensex's 11.95% rise.
The small-cap company has equity capital of Rs 25.88 crore. Face value per share is Rs 1.
Shares of Confidence Petroleum India have rallied 9.8% in two trading sessions to its ruling market price, from its close of Rs 20.90 on 4 October 2017, after the company said after market hours on Wednesday, 4 October 2017 that its subsidiary has commenced new cylinder manufacturing unit in Jharkhand. The stock surged by the maximum permissible level of 5% to settle at Rs 21.90 yesterday, 5 October 2017.
Confidence Petroleum India announced that its subsidiary, Blueflame Industries, has commenced new cylinder manufacturing unit at Village Gutjora, Dhanbad, Jharkhand. The unit has capacity of 5 lakh cylinders per annum.
Further, Blueflame Industries had participated in the tender floated by Indian Oil Corporation (IOCL), HPCL and BPCL for cylinder manufacturing and received letter of intent (LOI) for supplying cylinders. The company will supply 1.50 lakh cylinders each to IOCL and HPCL. It will supply 1 lakh cylinders to BPCL.
As per the tender requirement, the company has commenced the cylinder manufacturing unit within stipulated time and has taken all the approvals and licences from respective departments/authorities well before time, the company said.
On a consolidated basis, net profit of Confidence Petroleum India rose 260.3% to Rs 4.36 crore on 38.1% rise in net sales to Rs 143.11 crore in Q1 June 2017 over Q1 June 2016.
Confidence Petroleum India is manufacturer of liquefied petroleum gas (LPG) cylinders for domestic, as well as commercial use.
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