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Last Updated : Nov 18, 2019 09:43 AM IST | Source: Moneycontrol.com

BPCL share price jumps 4% as govt aims to sell stake by March 2020

The privatisation of the national carrier and oil refiner is expected to help the government meet its divestment target of Rs 1 lakh crore in the current fiscal year.

 
 
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Bharat Petroleum Corporation (BPCL) share price gained more than 4 percent in early trade on November 18 after the government said it is aiming to sell their stake in the company by March 2020.

The government is aiming to complete the sale of state-run companies Air India and Bharat Petroleum Corporation (BPCL), Finance Minister Nirmala Sitharaman said.

“We are moving on both with the expectation that we can complete them this financial year. The ground realities will play out,” Sitharaman told The Times of India.

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The privatisation of the national carrier and oil refiner is expected to help the government meet its divestment target of Rs 1 lakh crore in the current fiscal year.

Morgan Stanley has maintained an overweight rating on the stock with a target price at Rs 571 per share. According to the brokerage house, the sale of stake to a non-SOE could significantly re-rate sector multiples and could unlock $15-25 billion value for fuel marketers.

The stake sale should also reduce government intervention risk and improve marketing margins, it added.

At 09:26 hrs Bharat Petroleum Corporation was quoting at Rs 521.60, up Rs 15.70, or 3.10 percent on the BSE.

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First Published on Nov 18, 2019 09:41 am
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