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BPCL jumps on buzz of likely stake sale by govt

Capital Market 

BPCL rose 5.71% to Rs 406.20 on reports the government is planning to sell stake in the state-run oil marketing firm to a global oil company.

Meanwhile, the S&P BSE Sensex was up 157 points or 0.42% to 37261.64.

On the BSE, 26 lakh shares were traded in the counter so far compared with average daily volumes of 16 lakh shares in the past one quarter. The stock hit a high of Rs 406.5 and a low of Rs 377.5 so far during the day.

The stock hit a 52-week high of Rs 421.3 on 31 May 2019. The stock hit a 52-week low of Rs 239 on 05 Oct 2018.

BPCL's consolidated net profit dropped 44.1% to Rs 1623.75 crore on a 6.3% rise in net sales to Rs 76,325.39 crore in Q1 June 2019 over Q1 June 2018.

BPCL operates in refinery and marketing activities, which includes downstream petroleum sector. The Government of India held 53.29% stake in BPCL as of 30 June 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 13 2019. 14:26 IST