Shares of Chennai Petroleum Corporation Ltd rose sharply in Wednesday's trade after the company declared its fourth-quarter (Q4 FY24) earnings and recommended a final dividend. The stock jumped 15.05 per cent to hit a one-year high of Rs 1,067.45.
The Indian Oil Corporation subsidiary's standalone Q4 FY24 profit came at Rs 612.38 crore as against Rs 1,004.19 crore in the year-ago period. Revenue from operations slipped to Rs 20,822.95 crore in March 2024 quarter from Rs 21,350.20 crore in the corresponding period last year.
Although, the company's profit jumped 74.47 per cent, sequentially, in Q4 FY24. And, revenue rose 1.80 per cent quarter-on-quarter (QoQ).
Separately, Chennai Petroleum announced a final dividend of Rs 55 for FY24. "The Board of directors of the company have recommended an equity dividend (final) of 550 per cent for Financial Year 2023-2024 i.e, Rs 55/- per equity share of face value Rs 10/- each on the paid up share capital, subject to the approval of shareholders at ensuing Annual general meeting of the company. The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of final dividend would be intimated in due course," it stated.
On technical setup, the counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 68.18. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 4.45. Earnings per share (EPS) stood at 24.17.
The scrip saw heavy trading volume today as around 2.82 lakh shares changed hands on BSE at the time of writing this story. The figure was higher than the two-week average volume of 48,000 shares.
Turnover on the counter came at Rs 28.71 crore, commanding a market capitalisation (m-cap) of Rs 15,745.89 crore.
As of March 2024, promoters held a 67.29 per cent stake in the company.