Chennai Petroleum Corporation Ltd witnessed a significant surge in its share price, reaching a one-year high, following the release of its fourth-quarter (Q4 FY24) earnings report and announcement of a final dividend.
The Indian Oil Corporation subsidiary reported a standalone profit of Rs 612.38 crore for Q4 FY24, marking a decline from Rs 1,004.19 crore in the year-ago period.
Similarly, revenue from operations decreased to Rs 20,822.95 crore in the March 2024 quarter compared to Rs 21,350.20 crore in the corresponding period last year.
Profit and Revenue Performance
In Q4 FY24, the company reported a standalone profit of Rs 612.38 crore, a notable increase from Rs 1,004.19 crore in the year-ago period.
However, revenue from operations experienced a slight decline, standing at Rs 20,822.95 crore compared to Rs 21,350.20 crore in the corresponding period last year.
Final Dividend Declaration
Alongside its earnings report, Chennai Petroleum declared a final dividend of Rs 55 for FY24.
This recommendation, subject to shareholder approval, signifies the company’s commitment to delivering value to its investors.
Technical Analysis and Market Performance
The surge in Chennai Petroleum’s share price was supported by robust technical indicators, with the stock trading above various moving averages.
Additionally, the stock’s 14-day relative strength index (RSI) indicated positive momentum.
Trading Volume and Market Capitalization
The trading volume for Chennai Petroleum’s shares witnessed a significant increase, reflecting heightened investor interest.
With heavy trading activity, the company’s market capitalization stood at Rs 15,745.89 crore, underscoring its significance in the market.
Promoter Holdings
As of March 2024, promoters retained a substantial stake of 67.29% in Chennai Petroleum Corporation Ltd, highlighting their confidence in the company’s future prospects.
