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

livemint.com:

Chennai Petroleum, 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. Also Read: Nifty Bank hits 5-week low, tumbles 3.3% as HDFC Bank stock takes a sharp hit 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. Also Read: LIC becomes most valuable PSU as its market cap overtakes SBI 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.