Shares of this small-cap stock jumped up to 8 percent after commissioning new LPG Stations. In the last six months, the stock has jumped around 22 percent from Rs 65.40 to the current price level.
With a market capitalization of Rs 2,261 crores, the stocks of Confidence Petroleum India Limited started their trading session on Friday at Rs 76.85 and currently trade at Rs 79.60. The scrip witnessed an intra-day high of Rs 81.77 indicating a gain of around 8 percent as compared to the previous close of Rs 75.76 apiece.
One of the probable reasons for the company’s stock price to surge is pertaining to a BSE filing released on 18th August 2023.
The filing informed about the company commissioning 13 new Auto LPG Dispensing Stations. As a result of the same, the total number of stations increased from a number of 235 stations to 248 stations.
During the recent quarters, the company has been successful in generating an upward trend in the operating revenues as well as the net profit numbers.
The operating revenues went up from Rs 673 crores during the March 2023 quarter v/s Rs 875 crores during the June 2023 quarter, and, the net profits taking a shift from Rs 25 crores to Rs 33 crores keeping the timeframe the same.
The latest shareholding pattern data, as per the June 2023 quarter, portrays the company’s Promoters holding a 61.31 percent stake followed by the Retail Investors holding a 35.52 percent stake in the company.
Confidence Petroleum India Limited is a manufacturer of liquefied petroleum gas (LPG) cylinders. The company provides high-pressure cylinders, bottling services, and others. It conducts business operations through two broad divisions comprising the ‘Cylinder’ and ‘LPG’ divisions with the latter segment deriving the majority revenue of the company.
Written by Amit Madnani
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