The stock gained 2.6 per cent to close at Rs 606.05, all time high, after the company announced that the insurance giant Life Insurance Corporation (LIC) purchased additional stake in the company through open market purchase. LIC bought 4,80,087 equity shares on November 11, has increased its stake in the company to 10.10 per cent from 9.97 per cent.
The stock has outperformed the Sensex by gaining 16 per cent since LIC purchased the shares, as compared to 2.5 per cent rise in the Sensex. Last week, IBV Brazil Petroleo, a joint venture between Bharat PetroResources and Videocon Industries discovered more crude oil in Brazil's offshore Campos basin. Bharat PetroResources is the upstream arm of BPCL.
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