Mumbai: State-run Hindustan Petroleum Corp. Ltd (HPCL) posted an 86% jump in first-quarter profit on Wednesday, riding on strong refining margins. The company said net profit jumped to 1,719 crore in the three months ended 30 June from 925 crore in the year-ago period.

During Q1, HPCL’s income from operations stood at 72,923 crore.

Gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, came in at $7.15 per barrel up from $5.86 last year.

“For the year 2018-19, HPCL has planned to invest over 8,400 crore in various projects across refineries and petrochemicals, marketing, pipelines and natural gas," the company said in a press statement.

HPCL commissioned 65 new retail outlets during Q1 of 2018-19, taking the total retail outlet network to 15,127 as of June 2018.

On Wednesday, HPCL shares fell 2.15%, or 6.20, to 282.40 on the BSE while the benchmark Sensex rose 0.59%, or 221.76 points, to a record high of 37,887.56 points.

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