Shares of a Maharatna Public Sector Undertaking engaged in the business of refining crude oil and marketing petroleum products surged nearly 2.2 percent on BSE to Rs. 295.45 on Tuesday, after the company’s Board approved preliminary activities for capacity addition for a project worth Rs. 6,100 crores.
With a market cap of Rs. 1.27 lakh crores, at 11:50 a.m., the shares of Bharat Petroleum Corporation Limited were trading in the green at Rs. 292.8, up by nearly 1.3 percent, as against its previous closing price of Rs. 289.1.
What’s the News:
In its Board meeting held on December 24, Bharat Petroleum Corporation Limited (BPCL) approved the commencement of pre-project activities, according to the latest regulatory filings with the stock exchanges.
The approval is for the setting up of a Greenfield Refinery-cum-Petrochemical complex on the East Coast in Andhra Pradesh. The project is estimated to cost Rs. 6,100 crore.
The pre-project activities consist of various initial studies, land identification and acquisition, preparation of a Detailed Feasibility Report (DFR), Environment Impact Assessment, Basic Design Engineering package, Front End Engineering Design, and more.
Previous News:
On 26th October, the Board of BPCL approved entering into a joint venture agreement with Oil India Limited to develop a City Gas Distribution (CGD) project in Arunachal Pradesh.
The joint venture, with an authorized capital of Rs. 125 crore, will leverage Oil India Limited’s extensive presence and expertise in hydrocarbon operations in the Northeast region, enabling BPCL to develop the CGD network in Arunachal Pradesh efficiently.
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Financials:
BPCL reported a marginal decline in revenue from operations, experiencing a year-on-year decrease of nearly 0.3 percent, falling from Rs. 1,03,044 crores in Q2 FY24 to Rs. 1,02,785 crores in Q2 FY25.
Similarly, the company’s net profit decreased from Rs. 8,244 crores to Rs. 2,297 crores over the same period, representing a decline of around 72 percent YoY.
Stock Performance:
The stock has delivered positive returns of nearly 31.3 percent in one year, while around 4 percent of negative returns in the last six months. The shares of BPCL have given negative returns of about 1.2 percent in the last months.
About the Company:
Incorporated in 1952, Bharat Petroleum Corporation Limited (BPCL) is a Government of India Enterprise engaged in the business of refining of crude oil and marketing of petroleum products.
The company has refineries in Mumbai, Kochi and Bina, LPG bottling plants and Lube blending plants at various locations, while its marketing infrastructure includes a vast network of Installations, Depots, Retail Outlets, Aviation Fuelling Stations and LPG distributors.
Written by Shivani Singh
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