Chennai Petroleum share price jumps 8% on Q2 profit of Rs 290 crore

Chennai Petroleum Corporation share price jumped over 8 percent in the morning session on October 22 after the company declared its September quarter results.

Chennai Petroleum Corporation Limited reported a profit of Rs 290.58 crore during the quarter ended September 30, 2020 as compared to a loss of Rs 212.7 crore, a year ago.

Average Gross Refining Margin (GRM) during April to September was USD 9.70 per bbl as compared to USD 2.03 per bbl. GRM is higher mainly due to favourable increase in prices of crude and products.

Revenue of the firm was down to Rs 9,732.90 crore from Rs 12,191.97 crore. It said that demand for fuel products was lower during the current half year due to COVID related lockdown, resulting in lower crude throughput.

The stock was trading at Rs 73.15, up Rs 5.35, or 7.89 percent. It has touched an intraday high of Rs 74.00 and an intraday low of Rs 71.10.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge with growth in net profit with increasing profit margin (QoQ).

Moneycontrol technical rating is neutral with moving averages being neutral and technical indicators being bullish.