Multibagger stock Chennai Petroleum have been soaring even when the market shows downward trend. On Monday (May 2), the stock price of Chennai Petroleum Corporation Limited (CPCL) has reached Rs 307.15. The stock is on a bull run for the past some time. In the last 6 months, the CPCL stock has registered a 154.68 percent increase while the rise has continued at similar pace with a 129.99 percent increase in the last one month. In the last one year, the stock price has risen 184 percent.
The share price of CPCL surged 9.99 percent on Monday. This comes after a similar uptick on Friday after news of investment by ace investor Dolly Khanna, who bought 10 lakh shares, as per NSE bulk deal data. While Khanna had bought the lot for Rs 263.15 per share, the share value has jumped over Rs 30 in no time. A proven multibagger stock, CPCL has brought back returns of 100% within all stipulated time frames, as per a Zee Business report. The multibagger stock has grown more than three times in less than three months.
While on February 24, the stock was standing at Rs 95.20 after a slight dip during a stable phase, the stock has climbed over 222 percent since then to be on Rs 307.15 on May 2. This means, the value of the stock has grown by Rs 211.95 in just 67 days.
READ | THIS bank has revised interest rates on FD and savings accounts
CPCL Q4 performance
The net profit of the company went up by 314.05 percent to Rs 1001.92 crore, on the back of net sales of Rs 16,413.57 crore at 87.86 percent increase in the quarter that ended with March 2022 against the same quarter in the earlier year. The company has recommended a Rs 2 per share dividend for the Financial Year 2021-2022.
About the company
CPCL was earlier called Madras Refineries Limited (MRL). It was founded as a joint venture (JV) between the Government of India (GOI), AMOCO, and National Iranian Oil Company (NIOC) back in 1965. It is a subsidiary of Indian Oil Corporation. CPCL has two refineries which boast a combined refining capacity of 11.5 million tonnes yearly.
READ | India’s 100th unicorn: Bengaluru-based neobank Open achieves $1 billion valuation
