BPCL shares hits 1-year high after government initiates divestment process
Shares of Bharat Petroleum Corporation (BPCL) hit a 1-year high of Rs482.4 apiece, up 6% on the BSE, after its board approved to sell the firm’s holding in the Numaligarh Refinery Ltd (NRL) for Rs9,878 crore as part of the divestment process.
The country’s second-biggest state refiner is to sell its 61.65% holding in Numaligarh Refinery to a consortium of Oil India Ltd. and Engineers India Ltd. and may also include the state government of Assam, according to an exchange filing made after market hours on Monday.
Analysts at Emkay Global consider the development as an important milestone in BPCL’s disinvestment process, expected to be completed by early second quarter of fiscal 2022.
