HPCL shares jump 5%; BSE seeks clarification on 'global oil trading desk' report

Shares of Hindustan Petroleum Corporation Ltd (HPCL) surged 4.70 per cent in Monday's trade to hit a high of Rs 500.95. The multibagger oil PSU has gained more than 100 per cent in the past one year.

The counter saw a decent uptick today after it was reported that "Hindustan Petroleum (plans) to set up a global oil trading desk."

Stock exchange BSE has sought clarification from the company over the same. The reply is awaited, BSE added.

On technical setup, support on the counter will be at the Rs 445-450 zone. "If HPCL closes above Rs 495, it can move higher towards Rs 550-570 levels," CA Rudra Murthy BV, MD at Vachana Investments told Business Today TV.