State-owned Bharat Petroleum Corporation Limited declared an interim dividend of Rs 21 per equity share for its shareholders, the oil marketing company said on November 29 in an exchange filing. The dividend was approved post the board meeting on November 29 morning.
The interim dividend translates to a 210 percent payout on the face value of every equity share worth Rs 10, according to a stock exchange announcement. The board has set December 12 as the record date to determine the eligibility of the shareholders to receive the said interim dividend.
Shares of the company rose 1.4 percent at Rs 430.4. The stock has surged nearly 29 percent in the year as of 11:44am IST, November 29.
"For BPCL, we have revised our FY24-26 earnings estimates upwards on account of better marketing margins (given stable macros and no RSP cuts in auto fuels so far)," brokerage Emkay wrote in a note on November 24.
"BPCL’s opex run rate was also low in H1FY24, which led to EBITDA upgrades. Further, due to a back-ended capex cycle, BPCL’s reported finance and depreciation cost would also be under control, up to
FY27-28," the brokerage added.
Last month, the oil marketing company swung into a consolidated net profit of Rs 8,501 crore in Q2 FY24, against a net loss of Rs 304 crore a year ago, mainly due to softer crude oil prices and low raw material costs.
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