MUMBAI: Shares of Bharat Petroleum Corporation (
BPCL) were down 4.5% at Rs 433.25 at 1.30 pm on Wednesday after the oil marketer announced its second interim dividend, which was lower than analysts expectations.
The state-owned company s board at its meeting on Tuesday declared an interim dividend of Rs 5 per share at a face value of Rs 10 per share. The record date for the dividend is March 27. We had believed a higher payout was possible considering stake sale in Numaligarh Refinery, sale of BPCL Trust Shares, which after adjusting for increased stake in Bina refinery implied Rs60/share of net proceeds, said Morgan Stanley, which has an overweight rating on BPCL with a target price of Rs 480.
Market Movers: Why BPCL plunged; 75 stocks send sell signals
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Over 270 stocks hit 52-week highs on Tuesday. Adani Power, BHEL, IRCTC, Mindtree, NMDC, UPL, SBI Life Insurance, HDFC Life Insurance, Grasim Industries, Trent and AU Small Finance Bank were among the top names.
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Nearly 75 stocks flashed ‘sell’ signals on Tuesday as their prices fell below the MACD signal line. SAIL, Trident, Himadri Speciality, Tata Steel BSL, IDFC, Rail Industries, Concor and Mangalore Chemicals were among them.
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NEW DELHI: Traders and investors shrugged worries over yields and crude oil prices and bought defensive stocks in heaps pushing benchmark equity indices higher on Tuesday.