Shares in BPCL are the biggest gainer on Nifty with gains of as much as 10% to hit a day's high of Rs. 433.45 on the BSE. The stock has been rising for the second straight day after reports suggest that global energy giants are interested in the oil marketing company.
In fact the positive momentum was seen in other state oil retailers too including IOC and HPCL which also rallied up to 6%.
Media reports suggest that companies including the likes of Saudi Aramco, Rosneft, Exxon Mobil, Abu Dhabi National Oil Co (ADNOC) together with one Indian private company will place their bids for BPCL.
The deadline for submitting Expressions of Interest (EoIs) has been postponed twice and the current deadline ends on July 31.
In March the DIPAM released the PIM or preliminary information memorandum for the strategic sale of BPCL together with the transfer of management control.
In BPCL, the government has cited to divest its entire stake of 52.98% as well as transfer management control to a strategic player. Importantly, the government has excluded public entities to bid for BPCL.