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Shipping Corporation of India announced that as part of the Government of India's initiative through the Ministry of Ports, Shipping and Waterways (MoPSW) and the Ministry of Petroleum and Natural Gas (MoPNG), the Shipping Corporation of India (SCI) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and Indian Oil Corporation (IOCL).
The purpose of this collaboration is to build and operate fleet together that will support the vision of Atmanirbhar Bharat, strengthen India's shipping capacity, and improve country's energy security. Under this MoU, companies plans to jointly acquire, own, operate, and manage vessels. These vessels shall be used for international trade as well as coastal transport of petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes.
Hindustan Petroleum Corporation Ltd gained for a fifth straight session today. The stock is quoting at Rs 402.75, up 0.73% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.52% on the day, quoting at 25198.35. The Sensex is at 82238.08, up 0.55%. Hindustan Petroleum Corporation Ltd has risen around 4.06% in last one month.
Meanwhile, Nifty Energy index of which Hindustan Petroleum Corporation Ltd is a constituent, has risen around 2.68% in last one month and is currently quoting at 35129, up 0.79% on the day. The volume in the stock stood at 6.92 lakh shares today, compared to the daily average of 29.28 lakh shares in last one month.
The benchmark September futures contract for the stock is quoting at Rs 403, up 0.35% on the day. Hindustan Petroleum Corporation Ltd is down 1.46% in last one year as compared to a 0.87% drop in NIFTY and a 16.98% drop in the Nifty Energy index.
The PE of the stock is 7.48 based on TTM earnings ending June 25.