Hindustan Petroleum Corporation (HPCL) shares surged over 10 per cent after the oil retailer posted better-than-expected financial results for the quarter ended March 31, 2016.
The company reported 28 per cent fall in net profit figures at Rs 1552.94 crore for the quarter ended March 31, 2016. It has posted a net profit of Rs 2162.39 crore in the corresponding quarter a year ago.
However, ICICI Securities were expecting 60 per cent year-on-year fall in Q4 net profit of HPCL.
At 2.23 pm, share of HPCL were trading 10.06 per cent up at Rs 933. The scrip opened the day at Rs 861 and has touched a high and low of Rs 936.60 and Rs 861, respectively, in trade so far. The scrip settled the day 9.81 per cent up at Rs 930.90.
Net sales of the company slid 5.44 per cent year-on-year (yoy) at Rs 42125.96 crore for the quarter under review from Rs 44550.25 crore in the corresponding quarter last year.
Total Expenditure of the company slid 3.81 per cent yoy to Rs 39,533.91 crore.