HPCL trades higher on getting nod to incorporate wholly owned subsidiary
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Hindustan Petroleum Corporation is currently trading at Rs. 263.30, up by 2.45 points or 0.94% from its previous closing of Rs. 260.85 on the BSE.
The scrip opened at Rs. 262.25 and has touched a high and low of Rs. 267.40 and Rs. 261.00 respectively. So far 118558 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 267.05 on 13-May-2022 and a 52 week low of Rs. 200.00 on 20-Oct-2022.
Last one week high and low of the scrip stood at Rs. 267.40 and Rs. 250.60 respectively. The current market cap of the company is Rs. 37470.95 crore.
The promoters holding in the company stood at 54.90%, while Institutions and Non-Institutions held 35.77% and 9.33% respectively.
Hindustan Petroleum Corporation (HPCL) has received an approval for the incorporation of Wholly Owned Subsidiary (WOS) subject to the approvals from Competent Authorities for consolidation of all green and emerging business opportunities under one umbrella. The Board of Directors of the company at their meeting held on May 12, 2023, inter-alia, approved the same.
Further, the Board also considered the Roadmap prepared for unlocking value in Lubricant Business and after detailed deliberations, accorded in-principle approval for exploring options including carving out to unlock value in the high growth high potential lubricant business subject to the approvals from Competent Authorities.
Hindustan Petroleum Corporation operates two major refineries producing a wide variety of petroleum fuels and Specialties. The Company also owns and operates the largest lube refinery in the country producing lube base oils of international standards.
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