Bharat Petroleum Corporation rose 1.22% to Rs 660.10 at 13:25 IST on BSE as the company plans to more than double capacity of its Bina refinery in Madhya Pradesh to 15 million tonnes at a cost of about Rs 23000 crore.
Meanwhile, the BSE Sensex was 680.85 points, or 2.49%, to 28,027.67.
On BSE, so far 42,000 shares were traded in the counter, compared with an average volume of 1.42 lakh shares in the past one quarter.
The stock hit a high of Rs 665.40 and a low of Rs 650 so far during the day. The stock hit a 52-week high of Rs 784.50 on 28 November 2014. The stock hit a 52-week low of Rs 325.05 on 16 January 2014.
The stock had underperformed the market over the past one month till 14 January 2015, falling 2.22% compared with 0.01% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 0.55% as against Sensex's 3.79% rise.
The large-cap company has an equity capital of Rs 723.08 crore. Face value per share is Rs 10.
Shivraj Singh Chauhan, Chief Minister of Madhya Pradesh met Minister for Chemical and Fertilizers Anant Kumar and Dharmendra Pradhan, Minister of State (I/C), Petroleum and Natural Gas on Wednesday, 14 January 2015, to discuss the expansion of capacity of refinery at Bina in Madhya Pradesh, a joint venture of Bharat Petroleum Corporation (BPCL) and Oman Oil Corporation (OOCL).
Capacity of the refinery is proposed to be enhanced from 6 MMTPA (Million Metric Tonne Per Annum) to 7.8 MMTPA by 2018 at estimated cost of Rs 3500 crore, in the first phase. Capacity of the refinery is proposed to be enhanced to 15 MMTPA in second phase at an estimated cost of Rs 18000-20000 crore for which pre feasibility studies will be undertaken in 3 months.
During the meeting the State Government was requested to provide additional incentives like interest free loan and exemption from Central Sales Tax (CST) and entry tax etc. for the proposed expansions.
BPCL reported consolidated net loss of Rs 994.60 crore in Q2 September 2014 compared with consolidated net profit Rs 256.50 crore in Q2 September 2013. Total income rose 61.2% to Rs 39568.60 crore in Q2 September 2014 over Q2 September 2013.
The Government of India holds 54.93% stake in the firm as at 31 December 2014.
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