BPCL surges nearly 6% as reports say Saudi Aramco may bid for govt stake
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Shares of Bharat Petroleum Corporation (BPCL) climbed as much as 5.54 per cent to Rs 517.45 apiece on the BSE in the intra-day deals on Wednesday. The stock spurted after news reports suggested energy giant Saudi Aramco is likely to express its interest in the strategic sale of BPCL.
Prime Minister Narendra Modi is likely to visit Saudi Arabia by the end of October and Aramco is likely to express its interest in the strategic sale of BPCL during the PM’s visit, said a report by CNBCTV18.com.
On September 30, the group of secretaries on disinvestment gave its approval for to sell government's entire 53.29 per cent stake in BPCL, which is likely to be completed by March 31, 2020.
“Aramco is currently trying to balance its various planned investments in India. It’s is very interested in the Indian market. It will take a call on how to balance BPCL deal and the Reliance partnership, if it decides to go through with them,” business news channel ET Now reported citing sources.
The report also said that Aramco may show interest in BPCL transaction advisors when they host roadshows in Middle East soon.
At 12:06 pm, the stock was trading at Rs 512 apiece, up 4.50 per cent on the BSE. In comparison, the S&P BSE Sensex was trading at 38,599.99 levels, up 94 points or 0.24 per cent.
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