Bharat Petroleum Corporation Limited (BPCL) gained in early deals on Monday, December 26, after the company emerged as the lowest bidder for a 150 MW solar PV power project by NTPC. At 9:22 AM, the stock of BPCL was trading at Rs 296.10 on the BSE, up by Rs 4.25 or 1.46 percent.
It intends to develop the solar project in two years with an investment of about Rs 756.45 crore and generate around Rs 100 crore revenues per year by producing about 400 million units of RE. BPCL has been taken part in the tender floated by NTPC for the development of 1200 MW ISTS-connected Solar PV projects at various locations in India.
BPCL board also approved the pre-project activities for establishment of the green field refinery and petrochemical complex on East Coast at an estimated cost of Rs 6,100 crore. The pre-project activity covers in-detailed studies and acquisition of land, feasibility study, environmental impact assessment and engineering designs.
The group signed a nonbinding MoU with Coal India last December for the latter’s surface coal gasification project to develop coal to synthetic natural gas. This ties up with the strategy of BPCL towards portfolio diversification in new areas and clean technologies of energy.
However, IOCs’ consolidated net profit dived 72% y-o-y to Rs.2,297 crore from operations in Q2 FY2024-25 due to declined refining margins. This was in sharp contrast to Rs.8,243-crore profit in the same corresponding a year ago.
Even the drop in earnings did not ding shares of BPCL all that much, and those rose about 30% against the 13% rise of the benchmark Nifty 50 in the past year, indicating investor confidence about its future prospects.
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Source: Moneycontrol
News Desk
