Shares of this Large cap Refinery company saw a surge of around 4 percent after the company signed a MoU with the Aviation company.
With a market capitalization of ₹1,39,016.56 crores, the ‘Bharat Petroleum Corporation Ltd’ share price jumps up by 4 percent, with an intra-day high of ₹647 on Thursday, currently the stock is trading at ₹644.05 and previously closed at ₹623.65.
As per the economic times, Oil refinery firm Bharat Petroleum Corporation Ltd’ and Aviation firm ‘Cochin International Airport Ltd’ (CIAL) signed a (MoU) ‘Memorandum of Understanding’ for the green hydrogen project in the airport premises of CIAL. The MoU was exchanged at the assembly complex of ‘Thiruvananthapuram’ in the presence of the ‘Chief Minister of Kerala’.
As per the agreement (BPCL) will invest Rs 30 crores and set up the plant at Cochin airport. The MoU outlines the plans to complete the project by 2025. This initiative contributes to India’s ‘National Hydrogen Mission,’ fostering ‘Atma Nirbhar’ in the sector.
As per the FY 2023 annual reports, BPCL has accelerated the expansion of its City Gas Distribution (CGD) network by investing ₹1,343 crore in capital expenditure for the year 2022-23.
In Q3FY24, the company saw a dip of 3 percent in its Sales from ₹1,19,170 crores in Q3FY23 to ₹1,15,499 crores. However, on a QoQ basis, their profits increased by 12 percent to ₹1,03,044.
The company’s net profit rose 82 percent from ₹1,174 crores in Q3F23 to ₹3,181 crores, YoY. On the contrary, their profits declined by 61 percent from ₹8,244.
Barath Petroleum Corporation Ltd is engaged in the oil refinery business owned by the government of India, the products include Petroleum, Natural Gas, LNG, Lubricants, and Petrochemicals. It was founded in 1976, headquartered in Mumbai.
Written by Praveen R
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