Stock market analyst Nikita Surekha is of the view that investors can buy Chennai Petroleum Corporation Limited stock to achieve an intraday target of Rs 262.

According to analyst, the investors can buy the stock above Rs 250 with stop loss of Rs 249.

The shares of the company, on June 04, closed at Rs 258.45 the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 299.30 and a low of Rs 160.05 on BSE.

Current EPS & P/E ratio stood at 40.47 and 6.28 respectively.

According to reports, Chennai Petroleum Corporation Limited (CPCL) would invest around Rs 10,000 crore in various projects by the next five years.

Mr. K Balachandran, managing director, CPCL, stated that the company was establishing plants at an investment of Rs 2,615 crore to make fuel based on Euro IV complaints.

CPCL is also forming a resid upgradation project with a total investment of approx Rs 3,350 crore.

Chennai Petroleum Corporation Ltd has registered a loss of Rs 61.06 crore in its fourth quarter ended March 31, 2010.

Total income of Indian Oil's group company increased to Rs 5,534.27 crore in quarter ended March 2010 as compared to Rs 4,816.01 crore in March 2009.

Chennai Petro announced a 120% dividend.

For the fiscal ended March 31, the company recorded a net profit of Rs 603.22 crore.