BPCL firms up after Q1 result

BPCL rose 1.43% to Rs 351.55 at 11:27 IST on BSE consolidated net profit dropped 44.1% to Rs 1623.75 crore on a 6.3% rise in net sales to Rs 76,325.39 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours on Friday, 9 August 2019.

Meanwhile, the S&P BSE Sensex was down 146 points or 0.39% to 37435.74.

On the BSE, 74000 shares were traded in the counter so far compared with average daily volumes of 80000 shares in the past two weeks. The stock hit a high of Rs 357.65 and a low of Rs 344 so far during the day. The stock hit a 52-week high of Rs 421.3 on 31 May 2019. The stock hit a 52-week low of Rs 239 on 5 October 2018.

On standalone basis, the company's net profit declined 53.1% to Rs 1075.12 crore on 6.4% rise in net sales to Rs 76,317.94 crore in Q1 June 2019 over Q1 June 2018.

The company's market sales were at 11.11 MMT (Million Metric Tonne) in Q1 June 2019 as compared to 10.97 MMT in Q1 June 2018. The company's average gross refining margin declined to $2.81 per barrel in Q1 June 2019 as compared to $7.49 per barrel in Q1 June 2018.

Bharat Petroleum Corporations' August 2019 futures were trading at Rs 343.6, as compared to the spot of Rs 351.5 on NSE.

Brent crude for October 2019 settlement was down 16 cents at $58.41 a barrel. The contract rose 3 cents or 0.06% to settle at $58.57 a barrel on Monday, 12 August 2019.

BPCL operates in refinery and marketing activities, which includes downstream petroleum sector. The Government of India holds 53.29% stake in BPCL as of 30 June 2019.

Powered by Capital Market - Live News