Small cap oil stock in red after HDFC Bank sold more than 2% stake in the company

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Small cap oil stock in red after HDFC Bank sold more than 2% stake in the company
Credit: © Reuters.

This oil stock lost nearly 2% during today’s trading session after HDFC bank divested more than 2% in the company on a spam of more than a year.

Share price of HOEL closed at Rs. 1530.65 per share. It traded nearly 2% lower in the Friday market to reach its intra- day low of Rs. 158.40 per piece. In the six months and one year, the stock gained 26.46% and 15.56%.

During March 31, 2022 to September 21, 2023, HDFC Bank (NS: HDBK ) divested a total of 2.2% stake in the company through the secondary market. On March 31, 2022 and June 23, 2023, the bank sold 0.18%, 2.3 lakh shares at an average price of Rs. 220.22 per share and Rs. 206.34 per share after which its stake in HOEL stood at 6.39%.

Some of these trades took place after the merger of HDFC Limited with and into HDFC Bank Limited. In the last 21 days between September 1 to September 21, 2023, the bank sold another 2.04%, 26 lakh shares crossing the sale of 2% threshold after which its holding in the company stands at 4.34%.

As per its financial statements on a QoQ basis, the company recorded a revenue of Rs. 167.61 crore in Q1FY24, down by 4.2% from Rs. 175.09 crore in Q4FY23. Its net profit which was Rs. 106.65 crore in Q4FY23 decreased 138.04% to Rs. 66.07 crore in Q1FY24. It has a low debt to equity ratio of 0.38.

Hindustan Oil Exploration (NS: HOEX ) Company Limited is an Indian company which was started back in 1983. The company works both onshore and offshore to explore for, develop, and produce crude oil and natural gas . HOEC has now established itself as a rapidly expanding independent E&P player and has built its fortune on a low cost agenda.

Written by Bhumika Khandelwal

The post Small cap oil stock in red after HDFC Bank sold more than 2% stake in the company appeared first on Trade Brains.

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