Despite BPCL privatisation move, not much on table for investors, says CLSA; check target stock price

After the Narendra Modi led government moved swiftly to remove legal hurdles in a bid to privatise state-owned BPCL (Bharat Petroleum), global brokerage firm CLSA said that the recent stock rally has not left much for investors. Notably, the global brokerage firm has a target stock price of Rs 300 on the shares. Ahead of a proposed move to fully privatise Bharat Petroleum Corp Ltd (BPCL), the government moved swiftly to repeal the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling it off to private and foreign firms, according to a PTI report. “The Act has been repealed and there is no need for a Parliament approval for strategic sale of BPCL,” a senior official confirmed to PTI.

Yesterday, BPCL shares closed 5% lower at Rs 490. “The stock rally has not left much on table even under privatisation.