homemarket Newsstocks News

BPCL shares rise over 5% amid reports of Saudi Aramco's interest in stake sale

BPCL shares rise over 5% amid reports of Saudi Aramco's interest in stake sale

BPCL shares rise over 5% amid reports of Saudi Aramco's interest in stake sale
Profile image

By CNBC-TV18 Oct 16, 2019 12:33:31 PM IST (Published)

BPCL shares rose over 5 percent on Wednesday after reports that Saudi Aramco is likely to announce its interest in the company during Prime Minister Narendra Modi’s Saudi Arabia visit which is likely to take place at the end of October.

BPCL shares rose over 5 percent on Wednesday after reports that Saudi Aramco is likely to announce its interest in the company during Prime Minister Narendra Modi’s Saudi Arabia visit which is likely to take place at the end of October.

Recommended Articles

View All

The stock rose as much as 5.5 percent to Rs 517.45. At 10:53 am, it was trading 4.7 percent higher at Rs 513.60 as compared to a 0.16 percent or 60 points rise in BSE Sensex at 38,566. The stock has rallied over 35 percent this year.
The government is looking at a strategic partner for BPCL for 100 percent of its stake with management control. Department of Investment and Public Asset Management (DIPAM) has issued tender for the transaction, legal advisors and asset valuer by November 4.
Some interest was shown by BP for the BPCL strategic sale. “It's the most exciting, biggest news from India but we will need to see what’s on offer,” said Bob Dudley, group chief executive, BP.
The government has a target of Rs 1.05 lakh crore for divestment for the financial year 2019-20 and it plans to monetise its investments in BPCL and open up the fuel retail business for private players to encourage competition.
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng