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BPCL Shares Climb Nearly 25% in Three Sessions on Reports of Stake Sale

The BPCL stock touched a high of Rs 474.75 on Tuesday, up nearly 25% from its Thursday’s closing price of Rs 379.85. At 3:05 pm, the stock was trading at Rs 466, up 3.4% from its previous close.

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Updated:September 24, 2019, 3:54 PM IST
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BPCL Shares Climb Nearly 25% in Three Sessions on Reports of Stake Sale
In this file photo, a Bharat Petroleum oil pump station displays the price of unleaded petrol (0.89$) and Diesel (0.66$) as a pedestrian walks past in New Delhi. (Photo: Reuters/Adnan Abidi)

Bharat Petroleum Corp Ltd (BPCL) shares rallied for a third day to hit their highest level in 52 weeks on Tuesday, i.e, September 24, after media reports said that the central government wanted to complete stake sale in the public sector firm in 2019-20 itself.

The BPCL stock touched a high of Rs 474.75 on Tuesday, up nearly 25% from its Thursday’s closing price of Rs 379.85. At 3:05 pm, the stock was trading at Rs 466, up 3.4% from its previous close.

BPCL shares also got a boost after Credit Suisse raised the price target to Rs 320 apiece from Rs 300 on the back of cut in corporate tax rate for domestic companies. Though, it maintained an ‘underperform’ rating on the stock.

On Monday, it was reported that the government was aiming for Rs 50,000-60,000 crore of revenue through privatisation and investment by foreign companies in public sector units (PSUs) in the current financial year. Reports said that the prime minister’s office has expressed reservations over sale of PSUs to other state-owned entities and wanted BPCL, CONCOR and Air India stake sale to be completed in 2019-20.

Previously, a media report had also said that the government was keen to lure multinational companies in the domestic fuel retailing segment to boost competition and shake up a sector that’s long been dominated by state-run firms.

BPCL is into exploration, production and retailing of petroleum and petrol-related products in India. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.

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