There has been a big increase in the value of Chennai Petroleum Corporation’s shares. On Wednesday, they went up by more than 18 percent to reach Rs 1098.
This is the highest they’ve ever been. The reason for this rise is a significant announcement.
Chennai Petroleum Corporation said they’ll give a final dividend of Rs 55 (which is 550% of each share’s value) for the financial year 2024.
A well-known investor named Dolly Khanna has made a big investment in Chennai Petroleum.
Another important thing is that Chennai Petroleum Corporation has declared a double dividend for the financial year 2023.
Last year, they announced a dividend of Rs 27 per share. Now, for 2024, they’re giving Rs 55 per share.
They’ll spend Rs 819 crore for this final dividend, which is 30% of the company’s total profit for the year, which is Rs 2711 crore. They haven’t said yet when this dividend will be paid out.
Dolly Khanna owns more than 16 lakh shares of Chennai Petroleum Corporation, which is about 1.09% of the company.
In the past year, the company’s shares have gone up by more than 310%. They were at Rs 264.55 on April 24, 2023, and now they’re at Rs 1098 on April 24, 2024.
In the last six months alone, they’ve gone up by more than 105%. They went from about Rs 534.35 to close to Rs 1100. The lowest they’ve been in the past year is Rs 256.90.
