Chennai Petroleum hits new high

Chennai Petroleum hit a new 52-week high today at Rs.360, up some 8.5% with major jump in volumes.

The market is thrilled because the company posted an almost 3 times jump in net profit for Q3FY17 at Rs.291 crore (QoQ) despite a 0.9% drop in total income at Rs.10,623 crore.  YoY, thanks to the lower bas effect, the company’s performance is jaw dropping, with 16 times jump in net profit and 56% increase in total income.