52-Week High Alert & 1:2 Bonus Alert: President of India -backed low PE & high ROE multibagger stock to give free shares after 7 years!

The stock gave multibagger returns of over 130 per cent in just 1 year whereas BSE Mid-Cap Index is up by 62 per cent.

Today, one of the Top Gainers on BSE & NSE, shares of Hindustan Petroleum Corporation Ltd (HPCL) gained 10.73 per cent and made a fresh new 52-week high of Rs 594.70 per share from its previous closing of Rs 537.05 per share. At the closing bell, shares of the company were trading at Rs 583 per share, up 8.56 per cent with a spurt in volume by more than 2.90 times on BSE.

The Board of Directors of the company approved bonus shares in the ratio of 1:2 (i.e., 1 share for every 2 shares held as of the record date which is June 21, 2024). Additionally, the Board announced a final equity dividend of Rs 16.50 per equity share having a face value of Rs 10 each (pre-bonus), which translates into a final dividend of Rs 11 per equity share having a face value of Rs 10 each (post-bonus) for the Financial Year 2023-24 and fixed record date as August 09, 2024.

Earlier, the company announced bonus shares in the ratio 1:2 i.e., 1 bonus share for every 2 shares held by equity shares holders as of the record date which was 7 years ago on July 11, 2017. Furthermore, Hindustan Petroleum Corporation Limited has signed an MOU with Oil India Limited to collaborate on the conventional & alternative energy portfolio.

Also Read: Rs 34,800 crore order book & Promoters sold 24,00,00,000 shares: LIC-backed multibagger construction stock below Rs 75 gained over 10 per cent today; details inside!

Hindustan Petroleum Corporation Ltd, a major player in India's energy sector, refines crude oil and markets a wide range of petroleum products, from fuels like petrol and diesel to lubricants. They're also involved in the upstream side of the industry, producing hydrocarbons (oil and natural gas), and even provide services to manage Exploration & Production Blocks for themselves or other companies. The company’s maximum stake is owned by the Oil & Natural Gas Corporation Ltd (ONGC) i.e., 54.90 per cent (ONGC majority stake is owned by the President of India).

The shares of the company have a PE of 5x and an ROE of 38.4 per cent. The stock gave multibagger returns of over 130 per cent in just 1 year whereas BSE Mid-Cap Index is up by 62 per cent. Investors should keep an eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.