Shares of this multibagger PSU stock in Ms. Dolly Khanna’s portfolio fell approximately 2 percent in Thursday’s trading session after a Foreign Institutional Investor (FII) sold nearly 7.88 lakh equity shares of the company via a Bulk Deal.
With a market capitalization of Rs 13,132.50 crores, the stocks of Chennai Petroleum Corporation Limited (CPCL), a PSU company manufacturing and supplying petrol products in India, opened their trading hour on Thursday at Rs 894.90 and currently trades at Rs 880.35.
The company’s scrip witnessed an intra-day low price of Rs 878.75 exhibiting a dip of approximately 2 percent compared to the previous closing level of Rs 894.50 apiece. Such bearish share price movements were observed today after a Foreign Institutional Investor (FII) sold a stake in the company.
As per the Bulk Deal data available with the National Stock Exchange (NSE), “Polunin Emerging Markets Small Cap Fund LLC”, on 8th May 2024, sold nearly 7.88 lakh equity shares of CPCL at an average trading price of Rs 887.16 per equity share.
During the recent financial quarters, the company’s basic business indicators, viz, its operating profits as well as after-tax profits, reported a jump in numbers with the former increasing from Rs 17,376 crores during Q3FY24 to Rs 17,720 crores during Q4FY24, and the latter, keeping the time horizon the same, rising drastically from Rs 360 crores to Rs 612 crores.
Having a glance at the latest shareholding pattern data, Ms. Dolly Khanna, one of the well-known ace investors based in India, holds a stake in CPCL. As per the March’24 quarter, she holds approximately 16.19 lakh equity shares of the PSU company equivalent to a 1.09 percent stake.
Keeping a purview of the last year, the company’s stock has successfully delivered multibagger returns of approximately 186 percent for its stakeholders, .e., if someone had invested Rs 1 lakh into the company’s stock a year ago, it would have converted to Rs 2.86 lakhs.
Incorporated in 1965, Chennai Petroleum Corporation Limited (CPCL) is an India-based company engaged in manufacturing and supplying petrol products. The company’s prime
products include motor spirit, liquefied petroleum gas (LPG), and petrochemical feedstocks. The majority of the company’s sales are derived from ‘petroleum products’.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
