Last Updated: November 29, 2023, 14:21 IST
Bharat Petroleum Corp Ltd (BPCL) shares jumped 2 per cent intraday on November 29 after the board of the oil advertising firm permitted an interim dividend of Rs 21 or 210 per cent per fairness share of a face worth of Rs 10 for the monetary 12 months 2023-24.
Record date for the interim dividend has been mounted as December 12, 2023. A document date means solely these accounts, who personal shares of BPCL as of that date, could be eligible for the dividend payout.
The dividend shall be paid out on or earlier than December 28, 2023
For the monetary 12 months ended March 2023, BPCL has declared an fairness dividend of 40 %, amounting to Rs 4 per share with a face worth of Rs 10.
BPCL additionally obtained an improve from HSBC on Tuesday. The brokerage upgraded the oil refiner to “buy” from the sooner ranking of “hold” and in addition raised its worth goal to Rs 555 from Rs 340 earlier.
For the September quarter, BPCL reported higher-than-estimated outcomes led by the refining phase. Revenue for the quarter declined 9 per cent from June, whereas margin declined by 60 foundation factors sequentially.
Gross refining margin for the quarter stood at $18.5 per barrel from the present $16.5 per barrel.
The OMC reported a consolidated internet revenue of Rs 8,501 crore in Q2 FY24, towards a internet lack of Rs 304 crore a 12 months in the past, primarily attributable to softer crude oil costs and decrease uncooked materials prices. BPCL’s consolidated income fell about 9 per cent 12 months-on-12 months to Rs 1.17 lakh crore within the July-September quarter.
Last 12 months, the state-owned oil advertising corporations handled greater crude prices within the aftermath of the Russia-Ukraine warfare. The corporations needed to freeze retail gas costs to keep away from additional inflationary pressures within the import-dependent nation and to make sure secure financial restoration from the pandemic.
The inventory has surged 30 per cent thus far in 2023, making it its finest calendar 12 months efficiency since 2019.
