Chennai Petroleum has been the top gainer since the morning. Outperforming the sector by 8%, the stock opened with a gain of over 10.5% at Rs.161.15, rising 16% to hit an intraday high at Rs.168.80. Its 52-week high is at Rs.278.40.
The market is very happy with its earnings for Q3FY20.
On a 7% (YoY) decline in net sales at Rs.9147 crore, the company posted a net profit of Rs.6.37 crore v/s loss of Rs.367 crore in Q3FY19 and loss of Rs.213 crore in Q2FY20.
Thanks to the 5% drop in the total expenses, the company has been able to pull off this turnaround.
Its operating profit rose 168% at Rs.227 crore.
Its equity capital is at Rs.149 crore and EPS for the quarter came in at Rs.0.43.