BPCL surged 1.98 per cent on increment of FII limit

On June 9, Reserve Bank of India (RBI) raised foreign institutional investors (FIIs) investment limit in Bharat Petroleum Corporation (BPCL) up to 49 per cent from 24 per cent. Share price of the company increased by 1.9 per cent on bourses and closed at Rs 998.7 on an intra-day basis.

The shareholding pattern of the company indicates that 54.93 per cent are promoter’s holdings, FII holdings is about 21.13 per cent, domestic institutional investor (DII) holdings pegged at 8.52 per cent.

The stock hit a high of Rs 1005 and low of Rs 988.60 on June 9. The stock hit a record of high of Rs 1032 on June 3, 2016 and its 52-week low of Rs 732.20 was clocked on Feb 23, 2016. Meanwhile, the shares of BPCL outperformed Sensex and increased by 19.42 per cent during last quarter.

On financial front, BPCL’s revenue stood at Rs 44197 crore which fell by 5 per cent in Q4FY16. The company’s PAT increased by 71 per cent to Rs 2549 crore. It’s huge profitability has been reported because of reduction in subsidies and decreased crude oil prices globally.

BPCL is engaged in the production of liquid and gaseous fuels, illuminating oils, lubricating oils or greases or other products from crude petroleum or bituminous minerals. The company operates through two segments viz. downstream petroleum and marketing of petroleum products. It has refineries at Mumbai and Kochi, liquefied petroleum gas (LPG) bottling plants and lube blending plants.