Last Updated: February 14, 2024, 12:26 IST
BPCL Shares (Representative picture)
The shares of Bharat Petroleum Corporation (BPCL) have been buying and selling increased after about 68.4 lakh shares modified palms via a block deal
The shares of Bharat Petroleum Corporation (BPCL) have been buying and selling increased after about 68.4 lakh shares modified palms via a block deal on BSE in commerce Wednesday.
“The Board of Directors of BPCL has approved the sale of up to 68,36,948 equity shares held by BPCL ESPS Trust, in accordance with the BPCL Employee Stock Purchase Scheme 2020 and Sebi (Share Based Employee Benefits and Sweat Equity) Regulations, 2021,” the corporate knowledgeable the the exchanges on February 13.
At 12:20 pm, the inventory was quoting at Rs 614.15 on the NSE, up 5.09 per cent on the NSE. It has gained practically 36 per cent up to now this calendar yr as crude oil costs remained beneath management, which translated into higher advertising margins.
Last month, BPCL reported a 73 per cent rise in internet revenue for the third quarter, helped by robust refining and advertising margins. The firm’s standalone internet revenue rose to Rs 3,393 crore within the three months ended December 31 from Rs 1,960 crore a yr earlier.
Its common gross refining margin was $13.3 per barrel for the December quarter, whereas income from operations was little modified at Rs 1.3 lakh crore and bills fell 4.5 per cent.
Morgan Stanley believes that state-owned OMCs like HPCL, BPCL, and Indian Oil have extra room to rally as India stays the quickest-rising market globally for gasoline demand with inside combustion engine automobile demand additionally robust.
It additionally stated that {hardware} upgrades by refiners earlier than Covid-19 are actually being mirrored in earnings because the power market turns into much less unstable. “Stocks of oil refining and marketing companies are seeing multiples re-rate as investors reassess long-term growth prospects,” stated the brokerage in its report.
Morgan Stanley expects each incomes upgrades in addition to re-score in these shares with multiples rising to ranges seen in 2014-2017.
Block offers, which contain the sale or buy of a big variety of shares in a single transaction, are sometimes employed by corporations in search of to boost capital or streamline their shareholding construction.
