BPCL rebounds after conferred with Maharatna status by govt

BPCL gained 2.74% to Rs 522.90 at 11:00 IST on BSE after the company said that the Government of India conferred BPCL with Maharatna status.

The announcement was made during trading hours today, 12 September 2017.

Meanwhile, the S&P BSE Sensex was up 181.61 points or 0.57% at 32,063.77.

On the BSE, 1.01 lakh shares were traded on the counter so far as against the average daily volumes of 2.06 lakh shares in the past one quarter. The stock had hit a high of Rs 526.65 and a low of Rs 512.55 so far during the day. The stock had hit a record high of Rs 546.15 on 4 September 2017. The stock had hit a 52-week low of Rs 375.64 on 12 September 2016.

The stock had dropped 4.83% in four sessions to settle at Rs 512.50 on 11 September 2017, from a close of Rs 538.55 on 5 September 2017.

The stock had outperformed the market over the past one month till 11 September 2017, gaining 5.83% compared with 2.14% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.28% as against Sensex's 1.98% rise. The scrip had also outperformed the market in past one year, gaining 30.64% as against Sensex's 10.71% rise.

The large-cap company has equity capital of Rs 2169.25 crore. Face value per share is Rs 10.

Accordingly, BPCL is empowered to exercise the powers of a Maharatna company as governed by relevant guidelines issued by Department of Public Enterprises.

BPCL's net profit fell 71.6% to Rs 744.56 crore on 21.7% growth in net sales to Rs 57125.80 crore in Q1 June 2017 over Q1 June 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 30 June 2017).

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