HPCL shares gained over 2.50 per cent on Monday after reports that the oil marketing company is planning to set up an international oil trading desk. The desk would either be set up in London or Singapore. Shares of Hindustan Petroleum Corporation Ltd closed 2.56 per cent up at Rs 428.95. The scrip opened the day at Rs 420 and touched a high and low of Rs 430 and Rs 413.70, respectively, in trade. The BSE Oil & Gas index settled 0.08 per cent up at 11443.03.
With this trading desk, the company will be able enter and exit markets as and when required. It will take care of the company’s hedging and trading activities. At such desks, operations take place through the day, helping traders watch out for arbitration possibilities and support agreements between companies and investors.
For the quarter ended June 30, 2016, HPCL reported 30 per cent year-on-year rise in net profit at Rs 2098.38 crore against Rs 1614.13 crore in the same quarter last year. Net sales of the company declined 12.86 per cent year-on-year to Rs 44779.25 crore for the quarter under review. Operating profit increased by 16.96 per cent year-on-year to Rs 3902.10 crore from Rs 3336.27 crore in the same quarters.
In the past one year, shares of the company have risen 59.27 per cent to Rs 418.25 till September 23, whereas BSE Sensex increased by 11 per cent during the same period.