The company board has accorded its approval to initiate the process of divestment of BPCLs shareholding of 61.65% in Numaligarh Refinery.
Bharat Petroleum Corporation (BPCL) share price gained over 1 percent in early trade on February 14 after the company reported its December quarter numbers.
The company posted 26.2 percent fall in its Q3FY20 net profit at Rs 1,260 crore versus Rs 1,708.4 crore, while revenue was up 13.7 percent at Rs 85,368.3 crore versus Rs 75,056.6 crore, QoQ
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13.8 percent at Rs 2,702.7 crore versus Rs 2,374.9 crore and EBITDA margin was flat at 3.6 percent versus 3.7 percent, QoQ.
This divestment would be undertaken subject to the completion of all requisite formalities including inter-alia shareholders' approval.
Morgan Stanley | Rating: Overweight | Target: Rs 571 per share
The company's Q3 core earnings beat on better refinery utilisation, and healthy retailing margin.
The company also initiated a divestment process for its stake in NRL.
Credit Suisse | Rating: Underperform | Target: Rs 320 per share
The company's refining is better than its peers, but domestic marketing volume grows weak.
Remained cautious due to heavy capex cycle over the next 4 years.
The LPG penetration is already high at 97 percent, while faster than expected EV adoption could impact auto-fuel growth.At 09:19 hrs Bharat Petroleum Corporation was quoting at Rs 475.50, up Rs 6.40, or 1.36 percent on the BSE.
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