Meanwhile, the S&P BSE Sensex was down 52.87 points, or 0.17% to 31,618.84.

On the BSE, 12,000 shares were traded in the counter so far, compared with average daily volumes of 3.07 lakh shares in the past one quarter. The stock opened with an upward gap of 5% at Rs 21.90 and remained stuck at that level so far, which is also a 52-week high for the counter. The stock hit a 52-week low of Rs 6.51 on 15 December 2016.

The stock had outperformed the market over the past one month till 4 October 2017, rising 15.47% compared with 0.43% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.41% as against Sensex's 0.96% rise. The scrip had also outperformed the market in past one year, rising 131.96% as against Sensex's 12.23% rise.

The small-cap company has equity capital of Rs 25.88 crore. Face value per share is Re 1.

Confidence Petroleum India announced that its subsidiary, Blueflame Industries, has commenced new cylinder manufacturing unit at Village Gutjora, Dhanbad, Jharkhand. The unit has has capacity of 5 lakh cylinders per annum.

Further, Blueflame Industries had participated in the tender floated by Indian Oil Corporation (IOCL), HPCL and BPCL for cylinder manufacturing and received letter of intent (LOI) for supplying cylinders. The company will supply 1.50 lakh cylinders each to IOCL and HPCL. It will supply 1 lakh cylinders to BPCL.

As per the tender requirement, the company has commenced the cylinder manufacturing unit within stipulated time and has taken all the approvals and licences from respective departments/authorities well before time, the company said.

On a consolidated basis, net profit of Confidence Petroleum India rose 260.33% to Rs 4.36 crore on 38.14% rise in net sales to Rs 143.11 crore in Q1 June 2017 over Q1 June 2016.

Confidence Petroleum India is manufacturer of liquefied petroleum gas (LPG) cylinders for domestic, as well as commercial use.