BPCL shares soar over 9%, mcap rises by Rs 6,107 crore

6.30 lakh shares of company were traded at BSE and over 58 lakh shares changed hands at NSE during day

Shares of Bharat Petroleum Corp Ltd (BPCL) on Friday zoomed over 9% after the company posted better-than-expected earnings.

The announcement of 1:1 bonus share issue also boosted investor sentiment.

The stock surged 9.12% to settle at Rs 1,010.85 on BSE. Intra-day, it soared 10.57% to Rs 1,024.40 – its 52-week high.
 

At NSE, shares of the company jumped 9.19% to close at Rs 1,012.

Following the sharp rally in the stock, the company's market valuation rose by Rs 6,106.97 crore to Rs 73,092.97 crore.

In terms of volume, 6.30 lakh shares of the company were traded at BSE and over 58 lakh shares changed hands at NSE during the day.
 

"BPCL reported Q4 FY16 results ahead of our estimates," Prabhudas Lilladher said in a report.

State-owned BPCL on Thursday reported a 10.6% drop in its March quarter net profit on back of slump in oil prices.

Net profit in January-March quarter fell to Rs 2,549.08 crore from Rs 2,852.89 crore in the same period a year ago, the company had said in a filing to the stock exchanges.

Sales were down to Rs 44,197.09 crore in the fourth quarter of 2015-16 financial year from Rs 51,346.12 crore, a year ago.

For the 2015-16, BPCL reported a net profit of Rs 7,431.88 crore, down from Rs 8,463.98 crore in the previous financial year.