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BPCL Shares Fell 3% as Board Considers Fundraising

The expansion will include setting up an oil storage terminal at Palakkad, Kerala.

On June 23, Bharat Petroleum Corporation’s (BPCL) share price fell 3% in the early trade as the board plans to hold a meeting to deliberate the fundraising plan.


A directors’ meeting will be held on June 28, 2023, to deliberate the various modalities for capital infusion counting rights issue for accomplishing energy transition, net zero and energy security objectives, subject to requisite approvals as essential under applicable law.

The company reported a 159% surge in standalone net profit at Rs 6,478 crore for the quarter ended March 31, 2023, versus Rs 2,501 crore in the year-ago period.
Revenue from operations plunged 8% to Rs 1.33 lakh crore in the March quarter versus Rs 1.23 lakh crore in the same quarter last fiscal.


Sequentially, the net profit rose 230% from Rs 1,960 crore in the preceding quarter (Q3FY23).
Also, the company reported the highest-ever market sales of 48.92 MMT for April to March 2023 versus 42.51 MMT in the comparative period, with a growth of 15.08%.


At 9:30 am, Bharat Petroleum Corporation traded at Rs 362.80, down Rs 10.65, or 2.85% on the BSE.
The share moved a 52-week high of Rs 380.35 and a 52-week low of Rs 288.20 on June 15 2023, and October 20 2022, respectively.
It trades 4.61% below its 52-week high and 25.88% above its 52-week low.

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