BPCL gains on Rs 31,802-cr loan agreement with SBI consortium

Bharat Petroleum Corporation rallied 2.68% to Rs 274.20 after the firm informed that it has executed a loan agreement of Rs 31,802 crore with State Bank of India consortium, to finance the projects planned at Bina on 16 January 2024.

State Bank of India is the lead consortium banker for loan agreement and other consortium members are Punjab National Bank, Union Bank of India, Canara Bank, Bank of India and Export Import Bank of India.

The Indian public sector oil and gas company entered into the loan agreement to arrange finance for development and operation of a petrochemical complex and refinery expansion at Bina.

Meanwhile, the company informed that its board is scheduled to meet on Wednesday, 22 January 2025, to consider the proposal of declaration of interim dividend for the financial year 2024-25 and fixation of record date for the same.

Bharat Petroleum Corporation (BPCL) is the second largest Indian oil marketing company (OMC), engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted 'Maharatna' status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds 52.98% stake in BPCL as of 30 September 2024.

The companys standalone net profit tumbled 71.80% to Rs 2,397.23 crore in Q2 FY25 as against Rs 8,501.17 crore posted in Q2 FY24. Net sales (excluding excise duty) fell marginally to Rs 1,02,790.39 crore in the September quarter from Rs 1,02,985.56 crore recorded in the corresponding quarter previous year.

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