BPCL gains on foreign brokerage buy call

BPCL rose 2.87% to Rs 656.55 at 12:31 IST on BSE on reports that a foreign brokerage has maintained buy call on the stock for a target price of Rs 710.

Meanwhile, the S&P BSE Sensex was up 73.94 points or 0.28% at 26,669.39.

On the BSE, 1.10 lakh shares were traded on the counter so far as against the average daily volumes of 1.33 lakh shares in the past one quarter. The stock had hit a high of Rs 657 and a low of Rs 636.50 so far during the day.

The stock had hit a record high of Rs 694.75 on 18 October 2016 and a 52-week low of Rs 366.10 on 23 February 2016. It had outperformed the market over the past one month till 2 January 2017, advancing 4.62% compared with the Sensex's 1.39% rise. The scrip had also outperformed the market over the past one quarter gaining 4.17% as against the Sensex's 4.56% fall.

The large-cap company has equity capital of Rs 1446.17 crore. Face value per share is Rs 10.

BPCL's net profit rose 26.2% to Rs 1305.18 crore on 3.4% decline in net sales to Rs 44646.41 crore in Q2 September 2016 over Q2 September 2015.

BPCL is a state-run oil refining-cum-marketing company. The Government of India held 54.93% stake in BPCL (as per the shareholding pattern as on 30 September 2016).

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