BPCL extends rally on reports of Rosneft’s interest; surges 13% in 3 days
Shares of Bharat Petroleum Corporation (BPCL) were trading higher for the third straight day, up 4 per cent to Rs 500 on the BSE on Wednesday after reports said that Russia’s largest oil producer Rosneft was keen to bid for the state-owned oil marketing company.
BPCL has rallied 13 per cent in the past three trading days to hit its highest level since December 17, 2019. It hit an all-time high of Rs 550 in intra-day trade on November 21.
The trading volumes on the counter jumped more than two-fold with a combined 8.77 million shares changing hands on the NSE and BSE till 01:22 pm.
Rosneft is keen to bid for acquisition of BPCL, a PTI report suggested quoting sources after the Russian firm’s CEO Igor Sechin met Oil Minister Dharmendra Pradhan on Wednesday.
