Shares in oil refining major, Hindustan Petroleum Corporation (HPCL) jumped 7 per cent, the most in more than three months after the state-run oil refiner announced a Rs 2,500-crore share buyback.
HPCL has proposed a buy back 10 crore shares amounting to 6.56% of total equity. The buyback price of Rs 250 per share is as against a current market price of Rs 200 on the National Stock Exchange.
The company also reported a quarterly set of numbers, wherein net profits fell 12% over the preceding quarter to Rs 2,477.4 crore in the three months ended September.
Shares in HPCL were last seen trading at Rs 200.70 on the NSE.