Standalone revenue for the said quarter stood at Rs 65,912.49 crore, up from Rs 50,616.92 crore QoQ but down from Rs 75,056.63 crore YoY.
Till date, the government has raised less than three percent of its Rs 2.1 lakh crore divestment target for the current fiscal
Pradhan said India's dependence on hydrocarbons will continue in the near future. And to meet the future demand, the planned refinery on the west coast was essential.
The previous deadline to submit EoIs for BPCL was September 30, which was the third extension due to the COVID-19 pandemic.
BPCL’s divestment is now at a critical juncture. September 30, 2020 (today) is the last date for submission of the initial expression of interest
The Indian government - which needs funds to finance welfare schemes and bridge a fiscal deficit that has already topped the annual target - had aimed to raise $8 to $10 billion through the sale of its stake in BPCL.
"This (privatisation) is expected to unlock tremendous value through sharpening of professionalism, improvement in efficiencies, increased investments, access to advanced technologies and newer global markets and product diversification, thus propelling future growth," K Padmakar said.
The share touched a 52-week high Rs 549.70 and a 52-week low Rs 252.00 on 21 November 2019 and 24 March 2020, respectively.
The rating agency affirmed Bharat Petroleum Corporation Ltd''s (BPCL) long-term foreign-currency issuer default rating (IDR) at ''BBB-''. The outlook is ''Negative''.
Gandhi's accusations came in the backdrop of the government selling its entire 52.98 percent stake in India's second-largest fuel retailer and third-biggest oil refiner BPCL.
The company’s upcoming annual general meeting (AGM) is due later this month, which is when shareholders' approval will be sought
Reports say the government is considering a stake sale of 8-10 per cent in LIC, which would help it raise around Rs 90,000 crore
Emkay Global Financial is bullish on BPCL has recommended buy rating on the stock with a target price of Rs 480 in its research report dated August 14, 2020.
Motilal Oswal recommended Neutral rating on BPCL with a target price of Rs 424 in its research report dated August 14, 2020.
The Ministry of Petroleum and Natural Gas started mulling over the idea of legalisation of home delivery of HSD in 2017, after which it introduced the Petroleum Explosives Safety Organisation (PESO) to draft guidelines in this regard
Stating that the last date of submitting EoIs stands at July 31 as of now, Pradhan said the actual timing of the sell-off will depend on the market.
Shares of Power Grid Corporation of India fell almost 2 percent while those of NTPC jumped over 2 percent in early trade on BSE
Two-thirds of the current quarter has been a near-washout for all oil companies when sales and refining dived as the 10-week-old national lockdown confined people into their homes due to the deadly coronavirus pandemic.
Revenue from operations for the quarter stood at Rs 68,997.8 crore, declining 8 percent compared to Rs 74,959.2 crore in December quarter 2019.