India's BPCL jumps 6% after stake sale in Numaligarh Refinery

Engineers India

02/03/2021 04:30

** Shares of state-run refiner  BPCL.NS  rise as much as
5.96% to 482.40 rupees, their highest since Feb. 14, 2020 
    ** Co on Monday approved sale of majority stake in
Numaligarh Refinery to a consortium of state run companies,
including Oil India  OILI.NS  and Engineers India  ENGI.NS , for
98.8 bln rupees ($1.35 billion)  urn:newsml:reuters.com:*:nFWN2KZ111
    ** Numaligarh Refinery is in the north-eastern Indian state
of Assam and posted revenue of 140.73 bln rupees for FY 2020
    ** BPCL owns a 61.7% stake in the 3 million metric tonnes
per annum refinery, while Oil India and Govt of Assam own 26%
and 12.35%, respectively
    ** India govt is looking to sell its stake in BPCL
    ** Proposed stake sale is a precursor to an eventual 
divestment of BPCL - Prabhudas Lilladher said in a note,
reiterating "buy" rating
    ** BPCL remains well placed as crude oil prices to likely 
remain range bound, given comfortable inventory and uneven
demand scenario - Prabhudas Lilladher
    ** Shares of Oil India up 0.3%, Engineers India rise 3.7%
    ** Shares of other state-run refiners Hindustan Petroleum
Corporation Ltd  HPCL.NS  and Indian Oil Corp  IOC.NS  rise 1.4%
and 1.8%, respectively
    ** Nifty public sector enterprises index  .NIFTYPSE  rises
1.7%, with BPCL leading gains


($1 = 73.4020 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
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