BPCL corrects on profit booking

BPCL fell 1.58% to Rs 399.05 at 09:41 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was down 170.65 points, or 0.49% to 34,778.59.

On the BSE, 77,000 shares were traded in the counter so far compared with average daily volumes of 3.77 lakh shares in the past two weeks. The stock had hit a high of Rs 409.35 and a low of Rs 396.40 so far during the day. The stock hit a record high of Rs 550 on 30 October 2017. The stock hit a 52-week low of Rs 359.60 on 24 May 2018.

Shares of BPCL rose 9.24% in three trading sessions to settle at Rs 405.45 yesterday, 29 May 2018, from its close of Rs 371.15 on 24 May 2018.

BPCL's net profit rose 45.2% to Rs 2673.64 crore on 14.4% increase in net sales to Rs 65239.31 crore in Q4 March 2018 over Q4 March 2017. Average gross refining margin (GRM) was $6.51 per barrel in the fourth quarter, compared with $6.01 per barrel a year earlier. The result was announced after market hours yesterday, 29 May 2018.

BPCL, India's Maharatna public sector undertaking, is an oil refining-cum-marketing company. The Government of India held 54.309% stake in BPCL end March 2018.

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