Chennai Petro climbs 13% in three days

Chennai Petroleum Corporation rallied 6.65% to Rs 234.10, extending gains for the third trading session.

Shares of the petroleum refinery company jumped 13.15% in three trading sessions from its recent closing low of Rs 206.90 on 6 January 2023.

On the BSE, 2.31 lakh shares were traded in the counter so far compared with average daily volumes of 65,097 shares in the past two weeks. The stock hit a high of Rs 236.9 and a low of Rs 218.85 so far during the day.

The stock hit a 52-week high of Rs 417.95 on 8 June 2022. The stock hit a 52-week low of Rs 94.65 on 24 February 2022.

The stock had outperformed the market over the past one month, rise 6.14% compared with 3.15% decline in the Sensex.

However, the scrip had underperformed the market in past three months, declining marginally by 0.11% as against Sensex's 5.3% jump.

The counter had outperformed the market in past one year, soaring 123.8% as against Sensex's 0.73% fall.

On the technical front, the stock's daily RSI (relative strength index) stood at 66.456. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 209.54 and 233.20, respectively. These levels will act as crucial support zones in near term.

Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products. As on 30 September 2022, Indian Oil Corporation held 51.89% stake in CPCL.

The company's standalone net profit slumped 57.4% to Rs 27.88 crore in Q2 FY23 as against Rs 65.45 crore recorded in Q2 FY22. Net sales zoomed 120.3% year on year to Rs 19,508.82 in quarter ended 30 September 2022.

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