Chennai Petroleum Corporation to set up refinery at Nagapattinam


The board of directors of Chennai Petroleum Corporation recommended the proposal for setting up a new refinery at an estimated cost of Rs 27,460 crore subject to the approval of board of directors of Indian Oil Corporation Limited (IOCL), the holding company of CPCL.

Subsequently, the board of directors of IOCL has accorded in-principle approval for setting up a new 9 million tons per annum (MMTPA) refinery at Cauvery Basin, Nagapattinam at an estimated cost of Rs 27,460 crore and for carrying out pre-project activities. The final approval of the project would be obtained after preparation of Detailed Feasibility Report of the project.

Meanwhile, the stock gained 0.63% at Rs 412.05 per share on BSE. The stock on yearly basis has given 35.56% returns and has outperformed BSE Midcap index and BSE Oil & Gas index. The stock on NSE attracted a total traded volume of 1,78,985 shares and a traded value of Rs 740.96 lakh.

Chennai Petroleum Corporation Limited (CPCL) is a holding company. The company operates i the downstream petroleum sector. CPCL has approximately two refineries with a combined refining capacity of over 11.5 MMTPA. 

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