With a market valuation of Rs. 37,407.12 crore, Hindustan Petroleum Corporation Limited is a large-cap corporation that specializes in petroleum products. HPCL is a Forbes 2000 firm and a Government of India Enterprise having Maharatna status. HP Refineries, HP Retail Petrol Pump, HP LPG Gas, HP Lubricants, HP Aviation, HP Direct Sales, HP Projects & Pipelines, HP Supply, Operations & Distribution (SOD), HP International Trade, HP Natural Gas & Renewable Energy, HP Petrochemicals , and HP R&D are all included in the company’s business portfolio. For the financial year 2021–2022, the company has declared the final equity dividend of 14 per share or 140% at face value 10. As a result of the dividend amount . High dividend yield of 5.30% at the current market price of 263.70.
The Board of Directors of the Company, in a stock exchange filing, said that the “70th Annual General Meeting of the Members of Hindustan Petroleum Corporation Limited (“HPCL” or the “Company”) shall be held on Tuesday, the 30th August, 2022 at 11.00 am ( IST) for transacting the following business through Video Conferencing (“VC”) / other Audio Visual Means (“OAVM”): To declare Final Equity Dividend of 14 per share for the financial year 2021-2022 and to appoint a Director in place of Shri Vinod S Shenoy (DIN: 07632981), who retires by rotation and being eligible, offers himself for reappointment. “
The Board of HPCL also informed the stock exchanges that “The Company has declared the record date as Tuesday, 23rd August, 2022 for Final Equity Dividend for the Financial Year 2021-2022 and accordingly, the Equity as recommended by the Board of Directors Final dividend on shares for the financial year 2021-2022, if declared at the AGM, shall be payable after deduction of applicable TDS, if any, to the eligible members whose names appear: Tuesday, 23rd August, 2022 To be furnished by NSDL and CDSL to the beneficiary owners in respect of shares held in electronic form as per list of beneficiary; and in respect of shares held in physical form after giving effect to valid transmission and transposition requests lodged with the company. as a member on Tuesday, August 23, 2022.
Since the ex-date falls one day before the record date, the ex-dividend date falls on 22nd August 2022 as per the data available on BSE.
Following HPCL Q1FY23 ResultBrokerage firm Sharekhan has set a target price of 290 for stock. Research analysts at the broking firm have said that “We believe the first half of the fiscal year will be the worst factor for OMCs and the gradual normalization of refining and marketing margins (Brent crude oil price recently hit $95/bbl). Further, HPCL’s valuation of 3.7x FY2024E EPS and 0.8x FY2024E P/BV is attractive and FY24E DPS means 10% dividend yield. Therefore, we Maintain buy on HPCL, but with lower PT of 290 (reflecting lower P/E multiplier given the sharp decline in refining margins).
On NSE, the stock had touched a 52-week high 354.80 and 52-week low of 15-Nov-2021 206.50 as on 20-June-2022 indicating that at the current market price of 263.70 shares are trading 25.67% down from 52-week high and 27.69% up from 52-week low. The stock is trading above the Exponential Moving Averages (EMAs) of 5 Days, 10 Days, 20 Days, 50 Days, 100 Days and 200 Days at the current market price.
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