BPCL gains on buzz of broker call

BPCL rose 2.83% to Rs 441.50 at 12:48 IST on BSE on reports that a foreign broker has maintained overweight on the stock with target price of Rs 540.

Meanwhile, the S&P BSE Sensex was down 26.76 points or 0.08% at 34,157.28.

On the BSE, 1.03 lakh shares were traded on the counter so far as against average daily volumes of 3.94 lakh shares in the past two weeks. The stock had hit a high of Rs 443.85 and a low of Rs 430.65 so far during the day. The stock had hit a 52-week high of Rs 550 on 3 October 2017 and a 52-week low of Rs 400.37 on 27 June 2017.

According to media reports, the foreign broker is of view that Bharat Oman Refinery (BORL) stake sale would be positive for BPCL. Stake sale would partially monetize investments made by BPCL into BORL. Entry of new investor into BORL and price discovery would be positive for BPCL, as per the broker.

BPCL's net profit declined 5.64% to Rs 2143.74 crore on 13.21% rise in net sales to Rs 60616.36 crore in Q3 December 2017 over Q3 December 2016.

BPCL is a state-run oil refining-cum-marketing company. The Government of India held 54.31% stake in BPCL end December 2017.

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