Shares of Bharat Petroleum Corporation Ltd. (BPCL) are trading flat after touching a day’s high of Rs 349.75 on 13th September. This followed the company’s announcement that its board of directors approved a capital investment of Rs 1,138 crore to expand the capacity of the Cochin-Coimbatore-Karur Pipeline (CCKPL) and the under-construction Irugur-Devangonthi Pipeline (IDPL).

The Board of Directors, in its meeting on 12th September 2024, has sanctioned the development of the Cochin-Coimbatore-Karur Pipeline (CCKPL) and the Irugur-Devangonthi Pipeline (IDPL), along with the setting up of the Palakkad TOP (Terminal Operating Protocol) at the state of Kerala, as per a filing with the stock exchange.

The expansion will include setting up an oil storage terminal at Palakkad, Kerala. The capacity of the Cochin-Coimbatore-Karur Pipeline (CCKPL) will go from 3.3 MMTPA to 7 MMTPA, while the Irugur-Devangonthi Pipeline (IDPL) will add 1.1 MMTPA, bringing the total capacity to 3.5 MMTPA. 

The objective of this project is to improve the evacuation of finished petroleum products from BPCL’s Kochi refinery, with deliveries targeted to be completed within 36 months, subject to statutory approvals and land acquisition. This investment will be funded from BPCL’s internal accruals.

So far, in 2024, the stock has risen significantly by 52.72%. The company’s market capitalisation as of now stands at Rs 149,613 crore.

At 11:59 AM, the shares of BPCL were trading 0.015% lower at Rs 344.25 on NSE.

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