Shares of Chennai Petroleum have surged 13.19% in five straight sessions from its recent closing low of Rs 122.10 on 30 September 2021.

The counter hit a record high of Rs 151.80 on 30 June 2021. It has surged 116.78% from its 52-week low of Rs 63.75 hit on 16 October 2020. In the past one month, the stock has climbed 26.51% compared with 2.7% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 79.47. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 200 days simple moving average placed at 125.61 and 116.09 respectively. These levels will act as crucial support zones in near term.

Chennai Petroleum Corporation refines crude oil and markets petroleum and petrochemical products. Indian Oil Corporation held 51.89% stake in the company as on 30 June 2021.

On a consolidated basis, the company's net profit dropped 79% to Rs 56.65 crore on 177.97% surge in net sales to Rs 8166.46 crore in Q1 FY22 over Q1 FY21.

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Chennai Petroleum Corporation announced the cessation of D.Duraiganesan (DIN: 08200628), Independent Director on Board of the company on completion of his tenure on 13 August 2021.

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Chennai Petroleum Corporation announced that the 55th Annual General Meeting (AGM) of the company will be held on 20 August 2021.

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Net sales during the quarter increased by 181.3% YoY to Rs 8,166.46 crore. As compared to Q4 FY21, the company's net profit and net sales are lower by 76.8% and 6.5%, respectively.

Total expenditure jumped 245% to Rs 7,875.17 crore in Q1 FY22 over Q1 FY21, due to a surge in raw material costs.

Other expenditure includes exchange loss of Rs 26.93 crore for the quarter ended Jun'21. The company had receded an exchange gain of Rs 5.85 crore in Apr- Jun 2020 and an exchange gain of Rs 22.10 crore in Jan-Mar 2021, which were included under other income.

Profit before tax in Q1 FY22 stood at Rs 73.85 crore, down by 82.8% from Rs 430.03 crore in Q1 FY21.

Average gross refining margin (GRM) for the period April-Jun 2021 is $5.68 per barrel as against $ 11.94 per barrel in April-Jun 2020.

Crude throughput was 2.035 MMT in Q1 FY22, up by 53.2% from 1.328 MMT in Q1 FY21. It is, however, lower by 22.9% as compared with 2.639 MMT in Q4 FY21.

“The crude throughput has been adversely impacted during the current quarter on account of the reduction in demand arising out of the COVID -19 situation. However, the reduction in demand was relatively benign as compared to that of the previous year with corresponding impact on the crude throughput levels,” the company said in a statement.

Chennai Petroleum Corporation refines crude oil and markets petroleum and petrochemical products, including lube oil base stocks, aviation turbine fuel, propane, propylene and polybutene feedstock. The group operates two refineries, the Cauvery Basin refinery and the Manali refinery. Indian Oil Corporation held 51.89% stake in the company as on 30 June 2021.

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