Chennai Petroleum Corporation soars on getting nod to form Joint Venture Company
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Chennai Petroleum Corporation is currently trading at Rs. 317.20, up by 11.25 points or 3.68% from its previous closing of Rs. 305.95 on the BSE.
The scrip opened at Rs. 319.20 and has touched a high and low of Rs. 327.20 and Rs. 315.05 respectively. So far 438850 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 417.95 on 08-Jun-2022 and a 52 week low of Rs. 94.65 on 24-Feb-2022.
Last one week high and low of the scrip stood at Rs. 327.20 and Rs. 278.10 respectively. The current market cap of the company is Rs. 4746.55 crore.
The promoters holding in the company stood at 67.29%, while Institutions and Non-Institutions held 6.68% and 26.03% respectively.
Chennai Petroleum Corporation has received approval for formation of a Joint Venture Company amongst Chennai Petroleum Corporation, Indian Oil Corporation and Other Seed Equity Investors viz., Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company for Implementing the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam District, at an estimated cost of Rs 31,580 crore.
Further, the Board of Directors of the company has also accorded approval for equity investment of upto Rs 2570 crore (+/-10%) in the Joint Venture, towards the company’s contribution of 25%.
Chennai Petroleum Corporation is in the business of refining crude oil to produce & supply various petroleum products.
