The shares of the leading oil and gas firm gained around 6% to an intraday high of ₹ 618.20 per share on Wednesday. This surge occurred following the sale of 68.4 lakh shares through a block deal, conducted by the company’s trust with approval from the board.
At 12:55 p.m., Bharat Petroleum Corporation Ltd shares were trading at ₹615.30 per share, up 5.31 % from the previous close price on the National Stock Exchange. The company has a market capitalization of ₹1,32,856 crore.
BPCL Board of Directors approved the sale of up to 68,36,948 equity shares held by BPCL ESPS Trust, in accordance with the BPCL Employee Stock Purchase Scheme 2020 and SEBI. The company reported in its exchange filing.
Bharat Petroleum Corporation is a public sector company which is engaged in the business of refining of crude oil and marketing of petroleum products.
Bharat Petroleum Corporation Ltd shares have gained 73% in the last six months and 86% in a year.
The company’s revenue has decreased by 3% yearly, from ₹ 1,19,170 crore in Q3FY23 to ₹1,15,499 crore in Q3FY24. In the same timeframe, Net profit has significantly increased by 82 percent from ₹1,747 crore to ₹3,181 crore.
As of recent shareholding pattern, the company promoter holds a 52.98% stake in the company, while Foreign Institutional Investors hold a 14.21% stake and Domestic Institutional Investors hold a 22.13% stake in the company.
The company has planned a capex outlay of around Rs. 1.5 lakh crore in the next five years. BPCL recently approved an Ethylene Cracker Project in Bina. With an investment of Rs. 49,000 crore. As part of the project, Bina Refinery’s capacity will increase from 7.8 MMTPA to 11 MMTPA.
In the renewables domain, BPCL aims to create 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040, using both organic and inorganic pathways. BPCL plans to invest roughly Rs. 1,000 crore to build two 50MW captive wind power plants in Maharashtra and Madhya Pradesh to service the refineries in Mumbai and Bina.
Written by Omkar Chitnis
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