BPCL shares rally over 4%; hit 52-week high

New Delhi: Shares of Bharat Petroleum Corporation Ltd (BPCL) rallied more than 4 per cent on Thursday a day after BPCL ESPS Trust sold shares of the state-owned company in a block deal.

BPCL shares advanced 4.43 per cent to Rs 651.25 apiece on the BSE.

The stock of the company jumped 4.41 per cent to Rs 651.15 per piece on the NSE.

In the intra-day trade, the scrip of the state-run oil marketing company hit a 52-week high of Rs 651.80 and Rs 651.65 apiece on the BSE and NSE, respectively.

The 30-share BSE Sensex gained 24.05 points or 0.03 per cent to 71,846.88 points, while NSE Nifty advanced 0.12 per cent to 21,865.85 points.

On Wednesday, BPCL ESPS Trust divested a 0.31 per cent stake in BPCL for Rs 399.28 crore through open market transactions.

Motilal Oswal Mutual Fund (MF), Kotak Mahindra MF, Abu Dhabi Investment Authority, Societe Generale, Plutus Wealth Management LLP, Morgan Stanley Asia Singapore Pte, and Goldman Sachs Funds, among others, were the buyers of shares.

BPCL ESPS Trust offloaded more than 68.36 lakh shares of Bharat Petroleum Corporation Ltd at an average price of Rs 584 apiece, as per the block deal on the BSE. This took the deal value to Rs 399.27 crore.

In an exchange filing on February 13, BPCL informed, "The Board of Directors of BPCL has approved the sale of up to 68,36,948 equity shares held by BPCL ESPS Trust, in accordance with the BPCL Employee Stock Purchase Scheme 2020 and SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021." Last month, BPCL reported an 82 per cent surge in its consolidated net profit at Rs 3,181.42 crore in the third quarter of FY24 as compared to Rs 1,747.01 crore in the same period last fiscal year.