New Delhi, Nov 5 (PTI) Shares of Hindustan Petroleum Corp Ltd (HPCL) zoomed nearly 10 per cent on Thursday after the firm reported more than doubling of its second quarter net profit.

The stock jumped 9.91 per cent to close at Rs 205.25 on the BSE. During the day, it gained 10.41 per cent to Rs 206.20.

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On the NSE, it rose by 9.90 per cent to close at Rs 205.25.

HPCL on Wednesday reported more than doubling of its second quarter net profit on the back of a surge in refining margins and inventory gains. Net profit in July-September came at Rs 2,477 crore as compared to Rs 1,052 crore a year back.

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Gross sales revenue at Rs 61,340 crore was lower than Rs 66,165 crore of Q2 of the previous financial year due to lower oil prices.

The board of Hindustan Petroleum Corp Ltd on Wednesday approved a Rs 2,500 crore share buyback plan as the company management feels the share price is lower than the value it deserves.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)