Bharat Petroleum Corporation (BPCL) rose 1.39% to Rs 378.20 after the company said it won the bid for city gas distribution networks in a round conducted by Petroleum and Natural Gas Regulatory Board (PNGRB).
BPCL has emerged as the successful bidder in 6 Geographical Areas (GA) in 19 districts, for setting up City Gas Distribution (CGD) networks, post evaluation of technical and financial bids, in the recently concluded 11th bidding round of PNGRB.The CGD footprints of BPCL, along with its JVs, will now extend to 48 GAs covering 94 districts in 18 states, across India.
Currently, with presence in 63 districts, including prominent cities, BPCL along with its JVs together hold 33% market share in the CGD sector in the country.
After announcement of results of bidding, BPCL's committed investment in CGD network, on a standalone basis, would increase to over Rs 22,000 crore for development of 23 GAs, includ ing Rs 10,000 crore for the 6 new GAs.
BPCL board will consider Q3 results on 31 January 2022. The PSU company's standalone net profit jumped 19.9% to Rs 2,694.10 crore on a 62.6% surge in net sales to Rs 81,536.67 crore in Q2 FY22 over Q2 FY21.
BPCL is the second largest Indian oil marketing company. It is 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 Government of India holds 52.98% stake in BPCL as of 30 September 2021.
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