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Shares of Hindustan Petroleum Corporation Ltd (HPCL) surged over 9 per cent in early trade today on frenzied buying buoyed by an over 12-fold jump in net profit for the third quarter ended December 31, 2011.
After opening firm, the scrip jumped further 9.56 per cent to Rs 315 on the BSE. In a similar fashion, the shares rose 7.7 per cent to Rs 309.75 on the NSE.
The company had yesterday reported a 12-fold jump in net profit at Rs 2,725.18 crore during October-December quarter this fiscal against Rs 211.03 crore in the year-ago period, on receiving government subsidy on fuel sales for the previous two quarters.
The rally in the stock outperformed the subdued broader market where the BSE barometer Sensex was trading at 17,849.89, up 19.14 points at 11.25 am.
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