Bharat Petroleum Corporation Limited (BPCL), a 'Maharatna' and a Fortune Global 500 Company has announced the appointment of Arun Kumar Singh as the Chairman and Managing Director of the company and consequently he has taken charge yesterday.
A Mechanical Engineer by qualification, Arun Kumar Singh was earlier Director (Marketing) on the Board of the company, holding additional charge of Director (Refineries) and Director (Finance).
Shares of Bharat Petroleum Corporation Limited (BPCL) rose 4 per cent and hit a 52-week high of Rs 488 on the BSE in intra-day trade on Thursday after the state-owned oil marketing company's board recommended a final dividend of Rs 58 per equity share, including one-time special dividend of Rs 35 per equity share of Rs 10 each, for the financial year ended March 31, 2021, subject to the approval of the shareholders.
In the past one month, the stock has outperformed the market by gaining 15 per cent, as compared to 5.5 per cent rise in the S&P BSE Sensex.
Shares of Bharat Petroleum Corporation (BPCL) dipped 6 per cent to Rs 438 on the National Stock Exchange (NSE) in intra-day trade on Tuesday after BPCL Trust for Investment in Shares (BPCL Trust) sold up to 7 per cent 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 per cent of total equity, of BPCL had changed hands on the NSE.
Investor sentiment towards state-owned oil marketing companies (OMCs) such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) has improved sharply with crude oil prices falling to 18 year low. Shares of the OMCs, after hitting 52-week lows recently, rebounded by up to 15 per cent on Tuesday. And, they could see further gains.
The soft crude oil prices bode well for these companies, which may see a rise in their marketing margins, decline in working capital requirements and zero risks of subsidy burden.
Shares of oil marketing companies (OMCs), including Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), skid up to 4 per cent on the BSE after oil prices rose for the second straight day on Wednesday.
At 9:43 am, Brent Crude Futures were at $38.45 per barrel-mark, up 3.3 per cent, while the US WTI was at $35.26/bbl, up 2.62 per cent. This comes after an over 8 per cent rise in the oil prices on Tuesday. Prices inched higher on hopes of a supply cut by US producers.
Shares of Bharat Petroleum Corporation (BPCL) were trading higher for the third straight day, up 4 per cent to Rs 500 on the BSE on Wednesday after reports said that Russia's largest oil producer Rosneft was keen to bid for the state-owned oil marketing company.
BPCL has rallied 13 per cent in the past three trading days to hit its highest level since December 17, 2019. It hit an all-time high of Rs 550 in intra-day trade on November 21.
The government is looking into state-owned Bharat Petroleum Corp Ltd's (BPCL) investments in a gas block in Mozambique and has not yet formally given its approval to the firm for further spendings, sources said.
Bharat PetroResources Ltd (BPRL), an exploration and production subsidiary of BPCL, had in August 2008 bought a 10 per cent stake in Area-1 Offshore of the Rovuma Block from the US energy major Anadarko Petroleum Corp for $75 million.
Mumbai: Saudi Aramco, Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total SA and Abu Dhabi National Oil Co. are among companies that have had conversations with the government on asset sales and are likely to bid for the government’s stake in Bharat Petroleum Corp. Ltd, two people aware of the matter said.
Shares of Bharat Petroleum Corporation (BPCL) climbed as much as 5.54 per cent to Rs 517.45 apiece on the BSE in the intra-day deals on Wednesday. The stock spurted after news reports suggested energy giant Saudi Aramco is likely to express its interest in the strategic sale of BPCL.
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