BPCL stock surges 7% to hit all-time high amid spurt in volumes

In the last one year, BPCL stock has zoomed 110 percent, more than doubling investors' capital. In comparison, Nifty gained 30 percent during this period.

Shares of Bharat Petroleum Corporation (BPCL) surged around 7 percent to hit a fresh record high of Rs 370.50 on NSE, driven by heavy volumes. So far in the day, a total of three crore shares of the company changed hands on BSE and NSE combined, compared to the one-month average trading volume of one crore shares.

At 1:40 pm, BPCL shares were trading 6.5 percent higher at Rs 367.75 on NSE. So far this year, the stock has gained 62 percent, compared to an 18 percent rise in benchmark Nifty.

In the last one year, BPCL stock has zoomed 110 percent, more than doubling investors' capital. In comparison, Nifty gained 30 percent during this period.

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Earlier this month, BPCL said its subsidiary along with Indian Oil Corporation (IOC) has been awarded a production concession by The Supreme Council for Financial and Economic Affairs (SCFEA) in Abu Dhabi.

The company said the production concession agreement follows the award of the exploration and production concession to Urja Bharat Pte Limited (UBPL) in March 2019, and the successful completion of the exploration phase. UBPL is a 50:50 Special Purpose Vehicle (SPV) of BPCL and IOC.

For the quarter ended June 2024, BPCL reported a 73 percent drop in net profit at Rs 2,841.55 crore. The sharp decline was due to reduced refinery margins and a fuel price reduction that impacted marketing margins. The oil marketing company's revenue from operations in Q1FY25 saw a marginal decline of 0.1 percent YoY to Rs 1.28 lakh crore.

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