Bharat Petroleum Corporation (BPCL) rose 2.09% to Rs 297.95 after the company announced its participation in NTPC's tender for the selection of solar power generators to establish 1200 MW ISTS-connected solar PV power projects across India.
In the Reverse Auction phase of the tender, BPCL emerged as the lowest bidder (L-1), securing a capacity of 150 MW. The contract, once finalized, will see the development of the project over a two-year timeline, with an estimated capital expenditure of Rs 756.45 crore.The solar project is expected to generate an annual revenue of approximately Rs 100 crore by producing around 400 million units of clean energy. This milestone highlights BPCLs commitment to advancing renewable energy initiatives and contributing to Indias clean energy transition.
The official announcement was made after market hours on 24 December 2024.
Bharat Petroleum Corporation (BPCL) is the second largest Indian oil marketing company (OMC), engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted 'Maharatna' status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds 52.98% stake in BPCL as of 30 September 2024.
The companys standalone net profit tumbled 71.80% to Rs 2,397.23 crore in Q2 FY25 as against Rs 8,501.17 crore posted in Q2 FY24. Net sales (excluding excise duty) fell marginally to Rs 1,02,790.39 crore in the September quarter from Rs 1,02,985.56 crore recorded in the corresponding quarter previous year.
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