Hindustan Petroleum Corporation Limited (HPCL), a Maharatna oil marketing company, has signed a Memorandum of Understanding with “NTPC Green Energy Ltd, the green energy arm of NTPC Limited, for Renewable Energy Business and Green Power for HPCL Refineries and other Business Units.
According to the BSE Filing, The MOU envisages cooperation and collaboration in the field of Renewable Energy (RE), Energy Storage Projects, RTC Power, Electric Mobility, SolarlWind Value Chain, and meeting HPCL’s Green Power Requirements by leveraging each other’s expertise.
This comes as HPCL’s strategy to rapidly expand into the Renewable Energy Domain to take up Business Opportunities in the RE sector and to meet its internal requirements of Round Clock Green Power for its Refineries, Locations, Retail Outlets, and EV Charging stations.
In addition to that, Hindustan Petroleum Corporation Ltd has also forayed into Petrochemical Business with pre-marketing of “HP DURAPOL” brand polymers. This is a precursor to the marketing of HPCL Rajasthan Refinery Limited’s (HRRL) petrochemical products.
The shares of Hindustan Petroleum Corporation Limited were trading 1 percent higher till 12:50 pm on Thursday at Rs 243 levels. Around the same time, the shares of NTPC Limited were trading 1.2 percent higher at Rs 168 levels.
Hindustan Petroleum Corporation Limited is an Indian oil and gas refining company mainly engaged in the business of refining crude oil and marketing petroleum products and production of hydrocarbons. The company pays high dividends and has a yield of 5.76%.
Prabhudas Lilladher has a ‘Buy’ call on Hindustan Petroleum Corporation Ltd with a target price of Rs 350 per share which represents an upside of 44% from the current levels.
Written by Anoushka Roy
