BPCL Dividend: OMC Declares Interim Dividend Of Rs 21 Per Share, HSBC Upgrades Stock; Find Details

Bharat Petroleum Corporation Ltd. (BPCL) Board has declared an interim dividend of Rs 21 per share at its board meeting held on Wednesday. The record date for the dividend has been set as December 12, 2023, indicating that only those holding BPCL shares on that date will be eligible for the payout.

This announcement comes on the back of BPCL's robust performance in the September quarter. The oil refiner exceeded market expectations, particularly in the refining segment. Although the revenue for the quarter saw a 9% decline from June, the margin only slipped by 60 basis points sequentially. The gross refining margin for the quarter stood strong at $18.5 per barrel, up from the current $16.5 per barrel.

Investors and analysts have responded positively to BPCL's performance, leading to an upgrade from HSBC. The brokerage has not only elevated BPCL's rating to 'buy' from the earlier 'hold' but has also increased its price target to Rs 555 per share from Rs 340 per share.

The shares of BPCL ended today's session with gains of 1% at Rs 428.65 per share. Notably, the stock has experienced a 30% surge in 2023, marking its best calendar year performance since 2019. This upward trajectory underscores the company's resilience and adaptability in a dynamic market.

The interim dividend of Rs 21 per share translates into a total payout of 210%, reinforcing BPCL's commitment to rewarding its shareholders. The announcement aligns with the company's broader strategy to balance growth and returns, creating a positive outlook for investors.