Stock market today: Chennai Petroleum Corporation Limited shares are among the stocks that have shown significant growth in the Indian stock market in recent years, commonly referred to as ‘multibagger stocks ‘. These stocks have the potential to multiply in value several times over. The multibagger stock, one of Dolly Khanna’s portfolios, witnessed strong buying in the early morning session. Chennai Petroleum Corporation’s share price today opened with an upside gap at ₹1,100 per share on the NSE and touched an intraday high of ₹1,234.80 per share within a few minutes of the Opening Bell. While climbing to this intraday high, the Dolly Khanna portfolio stock also touched a new lifetime high.
According to stock market experts, oil stocks are rising on a market buzz that the centre is trying to put petrol and diesel under the GST net. They said that the Government of India (GoI) is trying to make a consensus with state governments, and many states have agreed. As private oil maker companies would also benefit from this move, Chennai Petroleum Corporation shares are rising.
Why are Chennai Petroleum Corporation shares rising?
On why Chennai Petroleum Corporation shares are rising today, Saurabh Jain, Vice President—Research at SMC Global Securities, said, “Chennai Petroleum Corporation shares and many other Oil Maker Company (OMC) shares are rising on the market buzz that the GoI is trying to bring petrol and diesel prices under the GST net in the upcoming Union Budget 2024. If this happens, oil manufacturing companies and the industry will greatly benefit. That’s why Chennai Petroleum Corporation shares are rising today.”
On how these two factors would benefit oil companies, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “The move would bring uniform pricing of petrol, diesel, and other petroleum products, which is expected to benefit oil companies and the industry. The move may turn out a big step in containing inflation as petroleum products, especially petrol and diesel prices, affect the nation’s entire economy.”
However, both experts said that Dolly Khanna’s portfolio stock is rising on this rumour only as any such announcement won’t come without reaching a consensus. They advised Chennai Petroleum Corporation shareholders to hold the scrip and fresh buyers to wait for the final outcome.
Dolly Khanna shareholding
According to Chennai Petroleum Corporation Limited’s shareholding pattern for the April to June 2024 quarter, Dolly Khanna owns 16,18,520 company shares, which is 1.09 percent of the company’s total paid-up capital.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.