BPCL shares rally 7%, hits new 52-week high amid heavy volumes

Shares of Bharat Petroleum Corporation (BPCL) soared approximately 7%, reaching a new all-time high of Rs 370.50 on the BSE and the NSE, amid strong trading volumes in the stock.

Throughout the day, nearly 3 crore shares exchanged hands on both the exchanges combined and the company’s total market capitalisation stands at Rs 1.6 lakh crore.

The shares of BPCL have given multibagger returns of 110.6% in the last one year while in the current calendar year so far, the stock has increased by 62.7%. According to the BSE analytics, the stock has gained 23.5% and 20.7% in the last 6 months and 3 months, respectively.


On the technical front, the stock is well placed above all its significant short, medium and long-term exponential moving averages (10, 20, 50, 100 as well as 200 DEMA).

Further, the share price is oscillating near the 54 level on the relative strength indicator (RSI), which is a mid-level mark on the indicator. On the RSI, a level below 30 is considered oversold, while above 70 indicates overbought conditions.

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The company reported a standalone net profit of Rs 3,015 crore for the first quarter ended June 2024 — a fall of 71% from Rs 10,551 crore reported in the previous year quarter.

Meanwhile, the company’s revenue from operations were flat at Rs 1.28 lakh crore in the reporting period as against Rs 1.28 lakh crore in the corresponding period of the previous year.

BPCL is a state-owned oil and gas company and is one of the largest public sector companies in India and operates in the exploration, production, refining, and marketing of petroleum products.

It has a strong presence in fuel retailing, lubricants, and LPG distribution — catering to both domestic and industrial consumers.

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