Bharat Petroleum Corporation Ltd (BPCL) share price gained two percent to Rs 380.35 after the company won the bid for city gas distribution networks in a round conducted by Petroleum and Natural Gas Regulatory Board (PNGRB).
BPCL emerged as the successful bidder in six geographical areas in 19 districts, the company said in its release.
The city gas distribution footprint of BPCL, along with its joint ventures, will now extend to 48 geographical areas covering 94 districts in 18 states.
Currently, with a presence in 63 districts, including those in prominent cities, BPCL and its joint ventures hold 33 percent of the city gas distribution market.
After announcement of bidding results, BPCL's committed investment in city gas distribution networks on a standalone basis would increase to over Rs 22,000 crore for development of 23 geographical areas, including Rs 10,000 crore for the six new ones.
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At 11:47 hrs BPCL was quoting at Rs 379.10, up Rs 6.10 or 1.64 percent on the BSE.
The share touched a 52-week high of Rs 503 and a 52-week low of Rs 357.55 on 14 September and 21 December respectively.
Currently, it is 24.63 percent below its 52-week high and 6.03 percent above its 52-week low.
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