HPCL Q3 profit rises 23% to Rs 19 billion; Stocks lower

Indian state-owned oil and natural gas Company, Hindustan Petroleum Corporation Limited’s (HPCL) profit rose 22.6% per cent in the Q-3, beating estimates.

Profit rose to Rs 19.50 billion, compared with Rs 15.90 billion a year earlier. Operational income rose over 13% to Rs 628.32 billion.

The country's largest oil explorer, Oil and Natural Gas Corp (ONGC), last month agreed to buy the govt’s majority stake in HPCL for Rs 369 billion.

Shares of HPCL traded 1.45% lower to Rs 394 on NSE, meantime BSE Sensex closed lower by 407.40 points, or 1.18%, to 34,005.26, while the Nifty 50 fell 121.90 points, or 1.15%, to 10,454.95, on closing hours, Friday.