Chennai Petroleum’s FII Holdings Surge to All-Time High at 14.7% in Q3 FY24

Chennai Petroleum's FII Holdings Surge to All-Time High at 14.7% in Q3 FY24

VoM News Desk | January 17, 2024 | 12:48 PM IST | Breaking News | Follow on Google News

Chennai Petroleum’s FII Holdings Surge to All-Time High at 14.7% in Q3 FY24

Chennai Petroleum’s FII Holdings Surge to All-Time High at 14.7% in Q3 FY24

Chennai Petroleum, a government-owned refinery company, experienced a notable upswing in foreign institutional investor (FII) holdings, reaching an unprecedented 14.7% in the December quarter (Q3 FY24). This marks a substantial increase compared to the 4.7% stake held by FIIs in the same quarter of the previous fiscal year.

While FIIs have been consistently augmenting their stake in the company, the majority of this surge occurred in the recent quarter, overshadowing the 11.4% stake recorded in the September 2023 quarter. Key foreign investors in the company include Polunin Emerging Markets Small Cap Fund LLC and City of New York Group Trust, as per Trendlyne data.

In contrast, prominent investor Dolly Khanna witnessed a reduction in her stake, dwindling to 1.32% in Q3 FY24 from 1.62% in the preceding quarter (Q2FY24). Notably, Dolly Khanna has been steadily reducing her stake in the company.

On January 15, the company’s shares soared to a new pinnacle at ₹907.95 apiece, marking a remarkable 20.65% increase for the month. The company is poised to announce its Q3 FY24 earnings on January 22, 2024.

In the previous quarter (Q2FY24), Chennai Petroleum reported a consolidated net profit of ₹1,195 crore, reflecting a substantial 115% improvement compared to the net profit of ₹556 crore in Q2 FY23. The revenue from operations during the second quarter of FY24 stood at ₹16,545 crore, exhibiting a robust increase of 12.20% compared to ₹14,745 crore in the corresponding period. The company’s financial performance and investor dynamics will be closely watched as it moves forward.

VoM News Desk

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