MUMBAI: Shares of Hindustan Petroleum Corp Ltd (HPCL) surged over 9% in early trade on Friday on frenzied buying buoyed by an over 12-fold jump in net profit for the third quarter ended December 31.

After opening firm, the company’s shares jumped further by 9.56% to Rs 315 on the BSE.

In a similar fashion, HPCL’s shares rose by 7.70% to Rs 309.75 on the National Stock Exchange, or NSE.

State-owned HPCL on Thursday reported 12-fold jump in net profit at Rs 2,725.18 crore during the October-December period of this fiscal against Rs 211.03 crore in the year-ago period, on receiving government subsidy on fuel sales for the previous two quarters.

The rally in the stock outperformed the subdued broader market where the BSE barometer Sensex was trading at 17,858.25, up 27.50 points at 1025 hrs.