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Oil marketing player Hindustan Petroleum Corporation Limited (HPCL) on Wednesday said its board has approved the proposal to buyback 10 crore shares, or 6.56 per cent equity stake, at Rs 250 per share.
The buyback price is at a premium of 33.88 per cent to the closing price of November 4. Shares of HPCL settled 0.54 per cent up at Rs 186.74.
In another update, HPCL also posted 290 per cent year-on-year rise in net profit at Rs 2975.83 crore for the quarter ended September 30. It had posted a profit of Rs 761.65 crore for the corresponding quarter last year.
Total income of the company declined 6.59 per cent YoY to Rs 62,439.86 crore.
The buyback price is at a premium of 33.88 per cent to the closing price of November 4. Shares of HPCL settled 0.54 per cent up at Rs 186.74.
In another update, HPCL also posted 290 per cent year-on-year rise in net profit at Rs 2975.83 crore for the quarter ended September 30. It had posted a profit of Rs 761.65 crore for the corresponding quarter last year.
Total income of the company declined 6.59 per cent YoY to Rs 62,439.86 crore.
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