The trust sold 68,36,948 shares at Rs 584 apiece, block deals data showed. Shares of the state-owned oil refiner ended 7.3% higher on the National Stock Exchange at Rs 626.95. Kotak Mahindra Mutual Fund purchased 22,50,000 shares at Rs 584 each, and Motilal Oswal MF acquired 13,00,000 shares at the same price.
Shares of BPCL hit a 52-week high on the NSE, rising 5% following its Q3 earnings. The company plans to invest Rs 1.5-1.7 lakh crore in capex over the next 5 years. BPCL is well-positioned for the Mozambique gas project and is unaffected by the Red Sea crisis. The company expects oil prices at $80-$90/BBL in the next 6 months. Citi retains its buy rating with a price target of Rs 560. Motilal Oswal maintains a neutral view on the stock.
BPCL Q3 Results: BPCL s quarterly net profit rose by 73.4% YoY to Rs 3,397.30 crore, surpassing the estimated Rs 3,271 crore. Revenue from operations declined 3% YoY to Rs 1.15 lakh crore but exceeded the estimated Rs 1.05 lakh crore. Total expenses dropped to Rs 1.26 lakh crore from Rs 1.32 lakh crore a year ago. Refinery throughput increased to 9.86 million tonnes from 9.39 million tonnes a year ago. Market sales rose marginally to 12.92 million tonnes from 12.81 million tonnes a year ago.
BPCL has given a box pattern breakout on the daily timeframe, suggesting a spike in optimism. The stock has been sustaining above the critical moving average.