BPCL vows up to Rs 1.7 lakh crore capex investment in 5 years; shares jump 5%

Shares of Bharat Petroleum Company (BPCL) jumped over 5% to hit a 52-week excessive of Rs 517.85 on the NSE on Tuesday, extending its positive factors to the second session and as much as 9% following the gasoline retailer’s December quarter earnings on Monday throughout market hours.

The inventory rallied following its post-earnings convention name held on Tuesday, the place BPCL administration introduced that it deliberate to speculate between Rs 1.5-1.7 lakh crore in capex over the subsequent 5 years.

The information was reported by Reuters quoting an organization government.

Different key takeaways from the convention name, had been:

1. The corporate is well-positioned to start out the Mozambique fuel mission. It has up to now invested $1.6 billion within the mission.

2. It’s engaged on a proposal doc for a deliberate rights challenge of shares.3. Proper now BPCL’S crude imports are usually not impacted as a result of Purple Sea disaster.4. The corporate sees oil costs at $80-$90/BBL within the subsequent 6 months.

BPCL’s inventory has additionally obtained a thumbs-up from US brokerage Citi, which has retained its ‘purchase’ ranking for a worth goal of Rs 560. In its post-earnings inventory overview, Citi highlighted a strong refining efficiency from the state-run refiner together with a pointy decline in its debt.

BPCL on Monday reported a 73.4% year-on-year (YoY) rise in internet revenue for the quarter ended December 2023 at Rs 3,397.30 crore. The revenue for the quarter was greater than an ETNow ballot estimate of Rs 3,271 crore. Income from operations, internet of excise obligation, declined 3% YoY to Rs 1.15 lakh crore, however the determine was greater than the estimated Rs 1.05 lakh crore. Sequentially, the underside line plunged 60%, whereas the topline rose by greater than 12%.

Learn extra at: BPCL Q3 Outcomes: PAT soars 73% YoY to Rs 3,397 crore regardless of fall in income

In the meantime, brokerage Motilal Oswal took a ‘impartial’ view on the counter forward of its convention name. It stated that BPCL’s Q3 present was in step with its estimates.

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