1. HPCL dips over 7 per cent on loss in Sep quarter

HPCL dips over 7 per cent on loss in Sep quarter

Shares of Hindustan Petroleum Corp Ltd (HPCL) on Tuesday fell over 7 per cent after the firm reported a net loss of Rs 320.50 crore for the July-September quarter.

By: | Mumbai | Updated: November 10, 2015 4:05 PM
hpcl share price, sensex

Shares of Hindustan Petroleum Corp Ltd (HPCL) on Tuesday fell over 7 per cent after the firm reported a net loss of Rs 320.50 crore for the July-September quarter. (Reuters)

Shares of Hindustan Petroleum Corp Ltd (HPCL) on Tuesday fell over 7 per cent after the firm reported a net loss of Rs 320.50 crore for the July-September quarter.

The share price of the company closed 7.60 per cent down at Rs 733.55.

State-owned HPCL had on Monday reported a net loss of Rs 320.50 crore in July-September quarter due to huge inventory losses.

The company had a net profit of Rs 850.21 crore in the same period a year ago, HPCL Director, Finance J Ramaswamy said.

“The loss was mainly because crude oil dropped by USD 10 per barrel resulting in an inventory loss of Rs 1,400 crore. Also there was a foreign exchange loss of Rs 180 crore,” he said.

The drop in oil prices also meant that turnover dipped to Rs 42,072.27 crore from Rs 51.667.02 crore last year.

  1. No Comments.

Go to Top