BPCL gets Maharatna status; shares rise over 2%

Shares of the company opened at Rs 518 and touched a high and low of Rs 524.15 and Rs 512.55, respectively, in trade so far. NSEBSEBPCL

PEER COMPANIES NEW DELHI: Shares of Bharat Petroleum Corporation Limited (BPCL) gained over 2 per cent in early trade after the company informed bourses that government has conferred Maharatna Status to the oil marketing company.

The scrip was trading 1.73 per cent up at Rs 521.35 around 10 am (IST). Shares of the company opened at Rs 518 and touched a high and low of Rs 524.15 and Rs 512.55, respectively, in trade so far. Benchmark BSE Sensex was up 77.20 points, or 0.24 per cent, up at 31,959.36.

“BPCL is empowered to exercise the powers of a Maharatna company as governed by relevant guidelines issued by Department of Public Enterprises,” the company said in a BSE filing.

On the BSE, 71,000 shares were traded on the counter so far as against the average daily volumes of 1.76 lakh shares in the past two weeks.

The stock had hit a 52-week high of Rs 546.15 on September 4, 2017 and 52-week low of Rs 375.82 on September 12, 2016.

For the quarter ended June 30, 2017, the company reported a net sales of Rs 57125.80 crore, up 21.70 per cent, against Rs 46938.67 crore in the corresponding quarter last year. Reported net profit of the company slipped 71.59 per cent YoY to Rs 744.56 crore during the quarter under review.

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