Hindustan Petroleum shares rise 8 percent

By SiliconIndia   |   Wednesday, June 30, 2010
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Bangalore: The Hindustan Petroleum (HPCL) stock was among the top gainers after its price went up by nearly eight percent. After opening the day at Rs. 430, the stock touched its 52 week high of Rs. 479, before closing trade at Rs. 435.15, with a gain of 7.94 percent. Throughout the day, 6984658 HPCL shares were traded in the market with the current P/E ratio of the stock at 12.22. The 52 week stock price chart is on the left. Hindustan Petroleum is an India-based integrated oil refining and marketing company. The Company operates in two business segments: Downstream, and exploration and production of hydrocarbons. The Downstream segment is engaged in refining and marketing of petroleum products. The Company has two refineries located at Mumbai and Vishakapatnam. HPCL holds an equity stake of 16.95 percent in Mangalore Refinery and Petrochemicals. CREDA-HPCL Biofuel is a subsidiary of HPCL. Recently, Hindustan Petroleum, along with State-owned Indian Oil Corp (IOC), has signed contracts with Reliance Industries to buy natural gas to replace costlier liquid fuel at their refineries. Out of the 14 analysts following the stock currently, the consensus recommendation is to hold the stock with 6 analysts suggesting to buy the stock.
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