BPCL board approves buying out stake in Bina refinery manufacturingtodayindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from manufacturingtodayindia.com Daily Mail and Mail on Sunday newspapers.
Bharat Petroleum Corporation (BPCL) on Thursday announced that the Board of Directors of the company has accorded its approval for acquisition of 888,613,336 (36.62%) of equity shares in Bharat Oman Refineries (BORL) from OQ S.A.O.C.
BPCL said the Board of Directors has also approved the proposal to approach Government of Madhya Pradesh for acquiring 269,00,000 warrants held by the Government in Bharat Oman Refineries.
BORL was incorporated on 25 February 1994 where BPCL holds 63.38% stake while OQ S.A.O.C holds 36.62% of the paid up share capital. The revenue from operations of BORL for the financial years in 2019-20 was Rs 41,940.96 crore, in 2018-19 it was Rs 31,597.59 crore and in 2017-18 was Rs 31,287.48 crore.
Key barometers came off day s low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 62.28 points or 0.13% at 46,828.06. The Nifty 50 index slipped 39.10 points or 0.28% at 13,701.60.
Shares witnessed profit selling after a five-day rising streak during which the Sensex added 2.02% while the Nifty gained 1.95%.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.44%. The S&P BSE Small-Cap index lost 0.32%.
Sellers outpaced buyers. On the BSE, 1,072 shares rose and 1,790 shares fell. A total of 146 shares were unchanged. In Nifty 50 index, 25 stocks advanced while 25 stocks declined.
Derivatives:
The NSE s India VIX, a gauge of market s expectation of volatility over the near term, shed 0.13% to 19.13. The Nifty December 2020 futures were trading at 13,726.80, at a premium of 25.05 points compared with the spot at 13,701.75.
Zee Entertainment Enterprises (ZEE) said that the board of directors of the company has approved the acquisition of film production and distribution business as a going concern, on a slump sale basis from Zee Studios (formerly known as Essel Vision Productions), a wholly owned subsidiary of the company, for a cash consideration. Also the board of directors of the company considered and approved the transfer of the Digital Publishing Business Division of the company to Rapidcube Tecbnologies through a Business Transfer Agreement.
BPCL said its board of directors has accorded its in principle approval for merger of Bharat Gas Resources (a wholly owned subsidiary of BPCL) with BPCL. BGRL is engaged in the business of Natural Gas.
Key indices are trading lower in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 93.58 points or 0.2% at 46,796.76. The Nifty 50 index was down 7.20 points or 0.05% at 13,733.50. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was off 0.42%. The S&P BSE Small-Cap index was down 0.51%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 802 shares rose and 1257 shares fell. A total of 82 shares were unchanged.
Stocks in news:
Zee Entertainment Enterprises (ZEE) declined 0.27%. ZEE said that the board of directors of the company has approved the acquisition of film production and distribution business as a going concern, on a slump sale basis from Zee Studios (formerly known as Essel Vision Productions), a wholly owned subsidiary of the company, for a cash consideration. Also the board of directors of the company considered and approved the transfer of the Digital Publishing Business Division of the company t