Shares of Bharat Petroleum Corporation Ltd (BPCL) gained 7 per cent to Rs 411.55 in Friday's trade on the BSE on reports that the government is considering selling its stake in the public sector oil behemoth to a global oil company.
“India is considering a plan to sell the nation’s second-largest state refiner and fuel retailer to a global oil company as it explores options to give up its controlling stake in BPCL,” Bloomberg reported quoting people familiar with the matter.
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Earlier this month, Business Standard had reported that the government plans to offload its entire 53.29 per cent stake worth a little more than Rs 40,000 crore in BPCL which would go a long way in the Narendra Modi government meeting its highest-ever disinvestment target of Rs 1.05 trillion. READ MORE
At 2:50 PM, the stock was trading 5.28 per cent higher at Rs 404.55 as compared to 0.5 per cent gain in the benchmark S&P BSE Sensex. A combined 97 million shares had changed hands on the BSE and the National Stock Exchange (NSE) till the time this report was filed.
Shares of other oil marketing companies (OMCs) such as Indian Oil Corporation (up 4.45 per cent), Hindustan Petroleum Corporation (3.2 per cent), and Oil and Natural Gas Corporation (up 2.3 per cent) also gained ground.