BPCL Hits 52-Week High: Q3 Net Profit Soars 82%, Foreign Investors Boost Stake

30 Jan 2024 , 02:43 PM

Bharat Petroleum Corporation Limited (BPCL) witnesses a nearly 4 % surge, hitting a 52-week high of  ₹511.8 per share on January 30, following an 82 % YoY increase in consolidated net profit for the October-December quarter (Q3FY24).

The BPCL stock records a 13 % gain over the past month, contrasting with a 0.7 % decline in the benchmark Sensex.

Despite a 2 % decline in total income to ₹1.3 lakh crore in Q3FY24, BPCL achieves an 82 % YoY rise in net profit, attributed to softer crude prices. Sales reach 12.92 million metric tonnes (MMT), compared to 12.81 MMT last year.

In the quarter ended December, foreign institutional investors (FIIs) increase their stake in BPCL to 14.2 % from 13.01 % in the previous quarter. Institutional investors also raise their stake to 37.28 % in Q3FY24, up from 36.48 % in the previous quarter.

However, mutual funds reduce their stake to 9.9 % in the December quarter from 10.01 % in the previous quarter.
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