Multibagger stock: Indian Oil arm delivered 264% returns in 2022

The stock of Chennai Petroleum Corporation Ltd (CPCL) has delivered stellar returns to investors this year. Shares of the subsidiary of Indian Oil closed at Rs 102.6 on December 31, 2021 against Rs 374.80 on June 8, 2022, translating into gains of 264 per cent during the period. State-owned Indian Oil is promoter of the firm, holding 51.89 percent stake in the March quarter.

In comparison, Sensex lost 5.75 per cent during the period. An investment of Rs 1 lakh one year ago in the stock would have grown to Rs 3.65 lakh today.

The stock closed at Rs 374.80 in the previous session. It has gained 192 per cent in the last one year.

In the current session, the stock was trading 2.40 per cent higher at Rs 383.50 in early trade.

A total of 1.19 lakh shares of the firm changed hands, amounting to a turnover of Rs 4.55 crore on the BSE. The market cap of the company rose to Rs 5,692 crore on BSE. Chennai Petroleum stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

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The stock zoomed 17 per cent to Rs 374.80 in the previous session. After the firm announced a strong set of Q4 earnings, ace investor Dolly Khanna bought 1 million equity shares amounting to a 0.67 per cent stake worth of Rs 26.31 crore through open market purchase on April 28, 2022.

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Dolly Khanna bought shares at Rs 263.15 apiece, the bulk deal data show. The company reported a four-fold rise in its consolidated net profit at Rs 1,002 crore compared to Rs 242 crore in Q4FY21. Revenue from operations climbed 43 per cent year-on-year to Rs 20,997 crore from Rs 14,705 crore in the previous year quarter.

In Q4 of the previous fiscal, 82,405 public shareholders held a 32.71 per cent stake or 4.87 crore shares in the firm.

Two promoters held 67.29 per cent stake or 10.01 crore shares in the last quarter. 77,187 public shareholders held 1.95 crore shares of the firm, amounting to a stake of 13.11 per cent with an individual share capital of up to Rs 2 lakh.

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105 public shareholders held 57.12 lakh shares of the firm, amounting to a stake of 3.84 per cent with an individual share capital of over Rs 2 lakh. Chennai Petroleum Corporation operates in the downstream petroleum sector.

The company has approximately two refineries with a combined refining capacity of over 11.5 million tonne per annum (MMTPA). The Manali Refinery has a capacity of approximately 10.5 MMTPA and is a refinery with fuel, lube, wax and petrochemical feedstocks production facilities.

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