Dividend payout hope post Numaligarh Refinery deal drives BPCL stock

Shares of BPCL hit fresh 52-week high of Rs 482.4 apiece, up 6 per cent on the BSE, as its Board approved to offload the firm's holding in the Numaligarh Refinery unit for Rs 9,878 crore

Investors of Bharat Petroleum Corporation (BPCL) were handsomely rewarded on Tuesday as market participants rushed to the counter on hopes of special dividend payout. Shares of the state-owned refinery ended 3 per cent higher on the BSE, at Rs 469 per share, as its Board approved to offload the firm's holding in the Numaligarh Refinery unit for Rs 9,878 crore ($1.3 billion) as part of BPCL's privatization process. Earlier today, the share hit a fresh 52-week high of Rs 482.4 apiece, up 6 per cent on the BSE in the intra-day trade.

The country's second-biggest state refiner will sell its