BPCL Shares Soar 5% on Block Deal by BPCL ESPS Trust

html

Representative image

Shares of Bharat Petroleum Corporation Ltd (BPCL) witnessed a significant rally on Thursday, February 15, following the sale of shares by BPCL ESPS Trust through a block deal. The scrip of BPCL surged by 4.62% on the Bombay Stock Exchange (BSE), closing at Rs 652.45 per share. On the National Stock Exchange (NSE), the shares climbed by 4.38% to settle at Rs 650.95 per piece.

BPCL Hits 52-Week High

During the trading session, the scrip of the state-run oil marketing company achieved a 52-week high on both BSE and NSE. In terms of volume, a substantial 2.56 crore equity shares were traded on NSE, while 10.17 lakh shares exchanged hands on BSE throughout the day.

Market Performance

The previous day, the broader market indices experienced a positive trend. The Sensex jumped by 227.55 points or 0.32% to settle at 72,050.38 points, while the NSE Nifty rose by 0.32% to close at 21,910.75.

BPCL ESPS Trust Divests Stake

On Wednesday, BPCL ESPS Trust divested a 0.31% stake in BPCL, amounting to Rs 399.28 crore, through open market transactions. Several prominent entities, including Motilal Oswal Mutual Fund, Kotak Mahindra MF, Abu Dhabi Investment Authority, Societe Generale, Plutus Wealth Management LLP, Morgan Stanley Asia Singapore Pte, and Goldman Sachs Funds, were among the buyers of these shares.

Block Deal Details

As per the block deal recorded on BSE, BPCL ESPS Trust offloaded more than 68.36 lakh shares of Bharat Petroleum Corporation Ltd at an average price of Rs 584 per share. This transaction resulted in a deal value of Rs 399.27 crore.

Strong Q3 Performance

In January 2023, BPCL reported an impressive 82% surge in its consolidated net profit, reaching Rs 3,181.42 crore in the third quarter of the financial year 2023-24. This marked a significant increase compared to the Rs 1,747.01 crore net profit recorded during the same period in the previous fiscal year.

The sale of shares by BPCL ESPS Trust and the company's strong third-quarter performance have contributed to the positive momentum in BPCL's share price. Investors will continue to monitor the company's progress and the broader market conditions to assess future investment opportunities.