Chennai Petroleum: FIIs raise stake in this multibagger stock to all time high of 14.7%

, a government owned refinery company, saw its foreign institutional investor (FII) holdings reach an all time high of 14.7% in the December quarter (Q3 FY24). In the same quarter of the previous fiscal year, FIIs owned a 4.7% stake in the company. FIIs have been increasing their stake in the firm steadily, but the majority of the increase happened in the most recent quarter.

Back in the September 2023 quarter, FIIs' stake stood at 11.4%. Among some key foreign investors in the company are Polunin Emerging Markets Small Cap Fund LLC and City of New York Group Trust, Trendlyne data showed. : On the other hand, ace investor Dolly Khanna saw a reduction in her stake in the company to 1.32% in Q3 FY24, down from 1.62% in the preceding quarter (Q2FY24).

Dolly Khanna is steadily trimming her stake in the company. Meanwhile, promoters held a 67.3% stake in the company at the end of Q3 FY24, while retail and domestic institutional investors held 16.8% and 1.2% stake, respectively. : Stellar Performance Chennai Petroleum shareholders have witnessed a remarkable surge in the company's shares over the past two years.

In CY23, the shares have gained from 206 per share to 697, resulting in a remarkable multibagger return of 237%. This exceptional performance carried forward from CY22, where the shares delivered a noteworthy return of 100%. Looking at the bigger picture, taking the stock's all time low of 47.70 apiece in 2020, the shares have generated a whopping return of 1670% to date.

: On January 15, the shares touched a new all time high of 907.95 apiece, and in the current month, they have witnessed a significant jump of 20.65% so far. The company is set to announce its Q3 FY24 earnings on January 22, 2024. In Q2FY24, the company reported a consolidated net profit of 1,195 crore, an 115% improvement compared to a net profit of 556 crore in Q2 FY23.

The revenue from operations during the second quarter of FY24 came in at 16,545 crore as compared to a revenue of 14,745 crore, which is an increase of 12.20%. Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.