Why Are BPCL Shares Trading Higher Today?

BPCL shares remained in focus on Tuesday as the share price of Bharat Petroleum Corporation Limited (BPCL) was spotted trading 2.23% higher at Rs 354.80 per share at 12:57 pm IST today. The rise in the share price of BPCL came even though there was no market-sensitive announcement or business update by the company today.

Today's jump in BPCL shares was seen despite an uplift in oil prices as Oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is up 0.33% to US$86.95 a barrel and the Brent crude oil price is up 0.47% to US$90.07 a barrel.

At the current share price, BPCL has a market capitalization of Rs 76,965.09 crore.

The stock has a 52 Wk High and 52 Wk Low of 397.80 and 288.20 per share. In the last one year the stock has gained almost 19%, while the stock's year-to-date (YTD) is up 6.76%.

BPCL is expected to announce its quarterly results on November 9, 2023. Last month, Jefferies downgraded the stock to underperform. The brokerage firm has set the target price of the stock at Rs 310 per share.

Jefferies also expects BPCL to incur EBITDA loss in the second half of FY24 on account of increased marketing losses in diesel. The foreign brokerage house slashed BPCL's EBITDA margin by 22% for FY24.