Shares price of Bhara-petroleum-Corporation (BPCL) gained more than 4-pc intraday on Monday after the govt said it is considering to sell their stake in the Co by March 2020.
The Finance Minister, Smt Nirmala Sitharaman said, the Govt is aiming to complete the sale of state-run companies Air India and BPCL. The privatization of BPCL is expected to help the govt meet its divestment target of Rs 1-lakh-crore in the current fiscal year.
Reacting the news, shares of BPCL gained about 4.3% to touch an intraday high of Rs528- per share on the NSE, after opening higher at Rs520 against the previous closing price of Rs506.55.
The privatization of BPCL is expected to help the GOVT meet its divestment target of Rs One-Lakh-Coree in the current fiscal year.
Besides, Morgan Stanley has maintained a rating (overweight) on the stock with a target price (TP) at Rs571-per share. As per Morgan Stanley, the stake sale should also cut govt intervention risk and improve marketing margins.
At the closing hours 3.30, the share price of Bharat Petroleum Corporation (BPCL) was ended at Rs520.50, up Rs 13.95, or 2.75 percent on the NSE., while the Nifty settled flat at 11884.50, down 11 points and the Senex at 40284.19, down 72.50 points in trade.