Shares of Hindustan Petroleum Corp. rose to over a six-year high on Tuesday after it set up a new subsidiary to consolidate its renewable and green energy businesses.
HPCL Renewable & Green Energy Ltd. was formed on Jan. 19 to consolidate its green business under one umbrella, and venture into new areas of green energy space, the company said.
Shares of Hindustan Petroleum Corp. rose 1.78%, the highest since Oct. 27, 2017, before falling 2.51% as of 10:19 a.m. This compares to 0.44% advance on NSE Nifty 50.
The stocks has risen 81.11% in 12 months. Total traded volume so far in the day stood at 1.0 times its 30-day average. The relative strength index was at 64.63.
Of the 34 analysts tracking the company, 21 maintain a 'buy' rating, six recommend a 'hold', and seven suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 12.2%.
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