BPCL gets Maharatna status; shares rise over 4%

NEW DELHI: Shares of Bharat Petroleum Corporation Limited ( BPCL) gained over 4 per cent on Tuesday after the company informed bourses that government has conferred Maharatna Status to the oil marketing company.

The scrip gained 4.33 per cent to close at Rs 534.70 on BSE. Shares of the company opened at Rs 518 and touched a high and low of Rs 535 and Rs 512.55, respectively.

“BPCL is empowered to exercise the powers of a Maharatna company as governed by relevant guidelines issued by Department of Public Enterprises,” the company said in a BSE filing.

On the BSE, 2.33 lakh shares were traded on the counter as against the average daily volumes of 1.76 lakh shares in the past two weeks.

The stock had hit a 52-week high of Rs 546.15 on September 4, 2017 and 52-week low of Rs 375.82 on September 12, 2016.

For the quarter ended June 30, 2017, the company reported a net sales of Rs 57125.80 crore, up 21.70 per cent, against Rs 46938.67 crore in the corresponding quarter last year. Reported net profit of the company slipped 71.59 per cent YoY to Rs 744.56 crore during the quarter under review.