Bharat Petroleum Corporation (BPCL) advanced 2.93% to Rs 520.70 after Finance Minister Nirmala Sitharaman reportedly said that the government will conclude the sale of Air India and BPCL by March 2020.
Speaking to the media, the finance minister confirmed that the government is focused on divesting the two state-run companies by the end of the financial year. This will form a crucial chunk of the government's plan to raise Rs 1 lakh crore in the current fiscal as India continues to tackle a steep demand slowdown, the reports added.Bharat Petroleum Corporation (BPCL) reported 2.7% rise in consolidated net profit to Rs 1502.63 crore on 11.3% fall in net sales to Rs 64,289.50 crore in Q2 September 2019 over Q2 September 2018.
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 September 2019.
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