Shares of the petroleum refinery company surged 16.11% in five trading sessions from its recent closing low of Rs 412.10 on 1 September 2023.

The stock hit 52-week high of Rs 492 today. The counter has soared 156.57% from its 52-week low of Rs 186.50 hit on 26 December 2022.

On the BSE, 3.60 lakh shares were traded in the counter so far compared with average daily volumes of 91,360 shares in the past two weeks.

The scrip had outperformed the market in past one month, advancing 27.92% as against 1.13% increase in Sensex.

The scrip outperformed the market in past one quarter, jumping 32.16% as against Sensex's 5.95% rise.

The counter had outperformed the market in past one year, surging 63.31% as against Sensex's 11.56% surge.

On the technical front, the stock's daily RSI (relative strength index) stood at 74.189. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 407.67, 375.71 and 302.85, respectively. These levels will act as crucial support zones in near term.

Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products. As on 30 June 2023, Indian Oil Corporation held 51.89% stake in CPCL.

The company's standalone net profit slumped 76.8% to Rs 548.32 crore in Q1 FY24 as against Rs 2,358.79 crore recorded in Q1 FY23. Revenue from operations (excluding excise duty) dropped 36.3% year on year to Rs 14,744.80 crore in the quarter ended 30 June 2023.