BPCL Sees Block Deal as Stock Surges; Reports Strong Q3 Profits

14 Feb 2024 , 01:12 PM

On February 14, a block deal involving approximately 68.4 lakh shares or 0.3% stake in Bharat Petroleum Corporation Limited (BPCL) occurred. BPCL’s stock price at the time of writing was ₹615.30, indicating a 5.30% increase from the previous close.

The Board of Directors of BPCL approved the sale of the shares held by BPCL ESPS Trust, following the BPCL Employee Stock Purchase Scheme 2020 and Sebi (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

BPCL’s stock has seen a gain of over 30% in the current calendar year due to controlled crude oil prices, resulting in improved marketing margins. In the previous month, BPCL reported a 73% rise in net profit for the third quarter, driven by strong refining and marketing margins.

BPCL operates three refineries in Bina, Kochi, and Mumbai, and is India’s second-largest government-owned downstream oil producer.

The company’s average gross refining margin was $13.3 per barrel for the December quarter, with revenue from operations at ₹1.3 Lakh Crore and a 4.5% decrease in expenses.

Bharat Petroleum Corporation Limited (BPCL) is a PSU under the Ministry of Petroleum and Natural Gas, Government of India, ranked 309th on the Fortune list of the world’s biggest PSUs in 2020 and 792nd on Forbes’s ‘Global 2000’ list in 2021.

Indraprastha Gas Limited (IGL) is a joint venture between Gas Authority of India Limited (GAIL), Bharat Petroleum Corporation Limited (BPCL), and the Government of Delhi for the Delhi City Gas Distribution Project.

Petronet LNG, another joint venture company, is promoted by GAIL, ONGC, IOC, and BPCL. It focuses on importing LNG and establishing LNG terminals in the country.

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