Bharat Petroleum Corp Ltd (BPCL) shares jumped 2 per cent intraday on November 29 after the board of the oil marketing company approved an interim dividend of Rs 21 or 210 per cent per equity share of a face value of Rs 10 for the financial year 2023-24.
Record date for the interim dividend has been fixed as December 12, 2023. A record date means only those accounts, who own shares of BPCL as of that date, would be eligible for the dividend payout.
The dividend will be paid out on or before December 28, 2023
For the financial year ended March 2023, BPCL has declared an equity dividend of 40 percent, amounting to Rs 4 per share with a face value of Rs 10.
BPCL also received an upgrade from HSBC on Tuesday. The brokerage upgraded the oil refiner to “buy” from the earlier rating of “hold” and also raised its price target to Rs 555 from Rs 340 earlier.
For the September quarter, BPCL reported better-than-estimated results led by the refining segment. Revenue for the quarter declined 9 per cent from June, while margin declined by 60 basis points sequentially.
Gross refining margin for the quarter stood at $18.5 per barrel from the current $16.5 per barrel.
The OMC reported a consolidated net profit of Rs 8,501 crore in Q2 FY24, against a net loss of Rs 304 crore a year ago, mainly due to softer crude oil prices and lower raw material costs. BPCL’s consolidated revenue fell about 9 per cent year-on-year to Rs 1.17 lakh crore in the July-September quarter.
Last year, the state-owned oil marketing companies dealt with higher crude costs in the aftermath of the Russia-Ukraine war. The companies had to freeze retail fuel prices to avoid further inflationary pressures in the import-dependent nation and to ensure stable economic recovery from the pandemic.
The stock has surged 30 per cent so far in 2023, making it its best calendar year performance since 2019.
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