BPCL rose 5.56% to Rs 521.50, extending recent gains triggered by the buzz of likely privatisation of the company.
Shares of BPCL jumped 11.04% in three trading sessions to its current market price of Rs 521.50, from a recent closing low of Rs 469.65 on 27 September 2019.
A government panel of secretaries on Monday, 30 September 2019, reportedly proposed to privatise the state-run company. The proposal for the strategic sale, or privatisation, will now be taken up by the Union cabinet. Apart from the cabinet clearance, the sale of BPCL needs to be approved by both the Lok Sabha and Rajya Sabha as the company was formed by an act of Parliament.
As on 30 June 2019, the government held a 54.16% stake in BPCL.
The privatisation of BPCL will help the government in meeting at least a third of its Rs 1.05-lakh-crore divestment target.
Meanwhile, the S&P BSE Sensex was down 190 points or 0.50% to 38,115.38.
On the BSE, 8.22 lakh shares were traded in the counter so far compared with average daily volumes of 12.02 lakh shares in the past two weeks. The stock hit an intraday high of Rs 525.30, which is also a 52-week high for the counter. The stock hit an intraday low of Rs 495. It hit a 52-week low of Rs 239 on 5 October 2018.
BPCL's consolidated net profit fell 44.1% to Rs 1,623.75 crore on a 6.3% increase in net sales to Rs 76,325.39 crore in Q1 June 2019 compared with Q1 June 2018.
BPCL is engaged in offering motor spirit (MS), high speed diesel (HSD) and liquefied petroleum gas (LPG). The PSU OMC is engaged in the business of refining of crude oil and marketing of petroleum products.
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