BPCL surges 14% in 2 days as global oil giants show interest in company
Shares of Bharat Petroleum Corporation (BPCL) rose 7 per cent to Rs 421 on the BSE on Friday. The stock has surged 14 per cent in the past two trading days, on reports that global oil giants are showing interest in the state-owned oil marketing company.
The counter has seen more-than-doubled trading volumes with a combined around 16 million equity shares changing hands on the BSE and NSE till 11:36 am. Two other state-owned oil market companies – Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) – were trading higher by 6 per cent and 2 per cent, respectively. In comparison, the S&P BSE Sensex was up 0.54 per cent at 36,667 points.
As per media reports, Saudi Aramco, Rosneft, Exxon Mobil, Abu Dhabi National Oil Co (ADNOC) and one Indian private player will be participating in the bidding process for BPCL. The stake sale to a major private entity will unlock value for minority shareholders.
