Chennai Petroleum Corporation rallied 6.65% in the third trading session to Rs 234.10. On January 6, 2023, the petroleum refinery company rose by 13.15% in three trading sessions from its recent closing low of Rs 206.90.

On the BSE, 2.31 lakh shares were traded compared to daily average volumes of 65,097 in the previous two weeks. The stock hit a high of Rs 236.9 and a low of Rs 218.85.

On June 8, 2022, the stock hit a 52-week high of Rs 417.95, while stock hit a 52-week low of Rs 94.65 on February 24, 2022.

The stock had outperformed the market during the previous month, rising 6.14% compared with a 3.15% decline in the Sensex. However, the scrip underperformed the market from July to September and slipped marginally by 0.11% against Sensex’s 5.3% jump.

The counter had outperformed the market in 2022, soaring 123.8%, as against Sensex’s 0.73% went down.

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As per the chart, the stock was trading above its 50-day simple moving average (SMA), placed at 209.54, and 100-day simple moving average (SMA), set at 233.20

Chennai Petroleum Corporation (CPCL) is one of the country’s most complex refineries, producing an array of value-added petroleum products. Till September, the Indian Oil Corporation held a 51.89% stake in CPCL.

On a standalone basis, the company’s net profit slumped 57.4% to Rs 27.88 crore in July-September of  FY23 as against Rs 65.45 crore recorded in July-September of FY22. Net sales zoomed 120.3% YoY to Rs 19,508.82 at the end of September 2022.