In intra-day trade on Tuesday, oil marketing company BPCL surged by as much as 9% to record an intra-day high of Rs. 511.50 per share. 'The gains comes after a Group of Secretaries Panel approve of government stake sale in the company.
Also, buoyed by global sentiments, Indian benchmark indices gained, with Nifty opening above 11,500 points, There remain rate cut hopes which are to be announced on the October 4 MPC policy meet of the RBI. The rate cut seems to be the call as the inflation remains rangebound and the corporate tax cut move isn't enough to revive the economy back.
The shares of BPCL were last quoting at Rs. 498, up 5.95%, in comparison to previous session's close of Rs. 470.05 on the BSE.