/ BPCL Slips Despite Declaring Good Q2 Results ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 15 November 2016

The result was announced after market hours on Friday, 11 November 2016. Meanwhile, the S&P BSE Sensex was down 205.20 points or 0.77% at 26,613.62. On BSE, so far 9,180 shares were traded in the counter as against average daily volume of 79,000 shares in the past two weeks. The stock hit a high of Rs 652.15 and a low of Rs 640.05 in intraday trade. The stock had hit a record high of Rs 694.75 on 18 October 2016. The stock had hit a 52-week low of Rs 366.10 on 23 February 2016.

The large-cap company has equity capital of Rs 1446.17 crore. Face value per share is Rs 10. BPCL's average gross refining margin (GRM) rose to $4.56 per barrel in Q2 September 2016 over $3.08 per barrel in Q2 September 2015.

Seperately BPCL after market hours on Friday, 11 November 2016 announced formation of Joint Venture with GAIL Gas for a City Gas Distribution (CGD). Consortium of BPCL and GAIL Gas has been awarded the authorization for laying, building, operating and expanding of a City Gas Distribution Network (CGD Network) in the geographical area of North Goa by the Petroleum and Natural Gas Regulatory Board established under the PNGRB Act, 2006. 

The board of directors of the company has approved the proposal to form a new Joint Venture Company (JVC) for this purpose, BPCL said. The proposed JVC shall have equal equity participation from BPCL and Gail Gas and with a provision for equity stake of up to 10% for government of Goa or its nominee. The authorization provides exclusively for laying gas pipelines and related infrastructure in the GA over the next 25 years and a marketing exclusivity for 5 years. The CGD Network shall cater to the demand of CNG and Piped Natural Gas to consumers in the domestic, commercial and industrial segments.

BPCL is a state-run oil refining-cum-marketing company. The Government of India currently holds 54.93% stake in BPCL (as per the shareholding pattern as on 30 September 2016).

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