BPCL jumps after board recommends 1:1 bonus issue

BPCL jumped 5.31% to Rs 975.60 at10:20 IST on BSE after the company said that its board of directors recommended 1:1 bonus issue.

The announcement was made after market hours yesterday, 26 May 2016.

Meanwhile, the S&P BSE Sensex was up 136.30 points or 0.5% at 26,497.50.

On BSE, so far 1.09 lakh shares were traded in the counter as against average daily volume of 74,861 shares in the past one quarter. The stock was volatile. The stock hit high of Rs 991.65 and low of Rs 952 so far during the day. The stock had hit a record high of Rs 994.20 on 27 April 2016. The stock had hit a 52-week low of Rs 732.20 on 23 February 2016. The stock had underperformed the market over the past one month till 26 May 2016, falling 5.11% compared with Sensex's 1.38% rise. The scrip had, however, outperformed the market in past one quarter, advancing 20.88% as against Sensex's 13.87% rise.

The large-cap company has equity capital of Rs 723.08 crore. Face value per share is Rs 10.

BPCL said that it has fixed 14 July 2016 as the record date for the bonus issue. BPCL's net profit fell 10.64% to Rs 2549.08 crore on 13.55% decline in total income to Rs 44891.65 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 26 May 2016. The average gross refining margin (GRM) fell to $6.30 per barrel in Q4 March 2016 from $7.85 per barrel in Q4 March 2015.

As advised by the Ministry of Petroleum & Natural Gas, the company has accounted compensation towards sharing of underrecoveries on sale of sensitive petroleum products as follows: It has acconted Rs 198.01 crore for the year ended 31 March 2016 (FY 2016) as discount on crude oil/products purchased from GAIL (India)/ONGC and NRL, which has been adjusted against the purchase cost as compared with Rs 8362.88 crore in the year ended 31 March 2015 (FY 2015). It has accounted Rs 1598.49 crore in FY 2016 as compensaion advised by the Government of India by way of subsidy, which is accounted as net/sales/income from operations as compared with Rs 7290.40 crore in FY 2015. The net underrecovery absobed by the company is Nil in Q4 March 2016 compared with Rs 487.38 crore in Q4 March 2015 on sale of sensitive petroleum products.

BPCL's consolidated net profit rose 66.05% to Rs 7981.51 crore on 22.19% fall in total income to Rs 190392.25 crore in in FY 2016 over FY 2015. The average GRM rose to $6.59 per barrel in FY 2016 from $3.62 per barrel in FY 2015.

BPCL said that the board of directors of the company recommended final dividend of Rs 15 per share for the year ended 31 March 2016 (FY 2016).

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 31 March 2016).

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