Tag: bpcl

Indian equities extended their buying spree into the third straight session today(3rd December 2021) amid broad-based buying. The S&P BSE Sensex advanced 253 points, or 0.43 percent, at 58,714 levels in early deals. The NSE Nifty, meanwhile, was at 17,461, up 60 points. L&T, BPCL, Axis Bank, and Kotak Bank, were the top gainers on the 50-pack index while Nestle India, Hindalco, Tata Consumer Products, Bajaj Auto, and HUL were the top laggards. In the broader markets, the BSE MidCap and SmallCap index rose 0.34 percent and 0.5 percent, respectively.

Shares of BPCL dipped 6 percent to Rs 438 on the National Stock Exchange (NSE) in intra-day trade today(9th March 2021) after BPCL Trust for Investment in Shares (BPCL Trust) sold up to 7 percent of its stake in state-owned energy company through a block deal. Till 09:21 am, around 153.66 million equity shares, representing 7.08 percent of total equity, of BPCL had changed hands on the NSE. On the BSE, around 7.5 million equity shares or 0.34 percent equity of the state-owned company had changed hands. On Monday, BPCL informed the stock exchanges that, a sub-committee of the board of directors of the company has approved the sale of BPCL equity shares which are held by the BPCL Trust for Investment in shares through accelerated book built offering of equity shares on the screen-based trading platform of the stock exchanges. Read more

The crunch in tax revenues as a result of the pandemic has made privatisation an imperative rather than just a strategy for the Narendra Modi government. At the forefront of this move are Bharat Petroleum Corporation Ltd (BPCL) and Air India. Unlike the latter, the oil refining and marketing major is a revenue churner for the government rather than a drain on its finances. Nonetheless, the Union finance ministry’s silence around the submission of expressions of interest (EoIs) for BPCL casts doubts on whether the interested parties are good enough for handing over a public jewel. Read more

Shares of Bharat Petroleum Corporation Limited (BPCL) declined 5 per cent to ₹ 392.35 apiece on the BSE in the intra-day trade on Tuesday after the government said it received multiple bids for privatisation of the country's second-largest fuel retailer. In the past one-month oil marketing company BPCL share has surged 27 per cent. The sale is crucial for the government in order to meet its disinvestment target of Rs 2.1 trillion for the current fiscal year. The government has not revealed the number of bidders. The transaction advisors for the sale of government 52.98 per cent stake in Bharat Petroleum which is worth ₹ 47,430 crores have reported receiving "multiple expressions of interest", Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said. Strategic disinvestment of BPCL progresses, Now moves to the second stage after multiple expressions of interest have been received," Finance Minister Nirmala Sitharaman said on Twitter.

The government on 7th March invited bids for a majority stake in Bharat Petroleum Corp Ltd (BPCL). Private companies with a net worth of over $10 billion (Rs 74,000 crore) will be eligible to bid by May 2. The government stake of 52.98 percent in BPCL is valued at around Rs 46,300 crore. This sale is key to meeting the government’s disinvestment target of Rs 2.1 trillion in the financial year 2020-21. So far, the disinvestment exercise has fetched the government Rs 34,845 crore during the current financial year. The Department of Investment and Public Asset Management made it clear that none of the PSUs will be allowed to participate in the proposed stake sale. The stake gives buyers ready access to 14 percent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market. Mining baron Anil Agarwal of Vedanta who was among the first to show interest in bidding for BPCL, says valuation of the firm is too high.