HPCL to consider bonus share issue on Thursday; mulls issuance after nearly 8 years
State-run Hindustan Petroleum Corporation (HPCL) on Monday said that its board of directors could consider a proposal for a recommendation of bonus equity shares along with the fixation of record date on May 9, Thursday when the members meet to approve the company's financial results for the quarter ended March 31, 2024.
State-run Hindustan Petroleum Corporation (HPCL) on Monday said that its board of directors could consider a proposal for a recommendation of bonus equity shares along with the fixation of record date on May 9, Thursday when the members meet to approve the company's financial results for the quarter ended March 31, 2024.The company could also recommend a final dividend, if any, for the Financial Year 2023-2024.
The stock ended today's trade at Rs 515 on the NSE, down Rs 19 or 4% over the previous closing price.
The last time this state-owned company had issued bonus shares was in 2016. The issue comprised 2:1 bonus shares following a government directive. HPCL had issued two bonus shares of Rs 10 each for every existing one.
The company reported revenue of Rs 118,999 crore in the previous quarter which was up 8.3% on a year-on-year (YoY) basis while the profit after tax (PAT) for Q3FY24 stood at Rs 529 crore which was up 207% over Rs 172.4 crore reported by the company in the corresponding quarter of the last financial year.
In the March 31, 2023 ended quarter, the company had reported revenue from operations at Rs 109,087.8 crore while the net profit stood at Rs 3,222.6 crore.
The multibagger stock has delivered returns of 102% in the last 12 months, which is a significant outperformance over Nifty's returns during this time at 23%.
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Source: Stocks-Markets-Economic Times
