BPCL shares drop over 3 pc as govt clears way for privatisation

BPCL shares drop over 3 pc as govt clear...

Shares of BPCL fell over 3 per cent on Monday after the government repealed the legislation that had nationalised the company.

On the BSE, the stock declined 3.53 per cent to Rs 497.

The shares of the PSU fell 3.21 per cent to Rs 499 on the NSE.

Ahead of a proposed move to fully privatise state-owned fuel retailer Bharat Petroleum Corp Ltd (BPCL), the government has repealed the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling it off to private and foreign firms.

Keen to get multi-nationals in domestic fuel retailing to boost competition, the government is mulling selling most of its 53.3 per cent stake in BPCL to a strategic partner.

BPCL offers attractive buy for companies ranging from Saudi Aramco of Saudi Arabia to French energy giant Total SA which are vying to enter the world's fastest-growing fuel retail market. It will not only give them 34 million-tonne in refining capacity, but also access to about 25 per cent share of India's fuel marketing.

 


PostedOn: 07 Oct 2019 Total Views: 104




Did Not Receive Your Income Tax Refund Y...

Did Not Receive Your Income Tax Refund Yet? What N...

Are you worried about why you have not yet received your income tax refund? Despite submitting your income tax return (ITR) within the due date of the assessment year 2019-20? There could be several reasons for it. However, a common reason could be to provide incorrect bank account details on the IT...

21 Oct 2019

'Negotiations going in full speed': Sith...

'Negotiations going in full speed': Sitharaman on ...

Union Finance Minister Nirmala Sitharaman on Sunday said negotiations between India and the United States on a trade deal are going on in "full speed" and expressed hope that it will conclude soon. The ongoing trade deal negotiations briefly came up for discussion during a pull aside between Sithara...

20 Oct 2019

Bharti Airtel to acquire 26 per cent sta...

Bharti Airtel to acquire 26 per cent stake in AMPS...

Telecom operator Bharti Airtel has signed a pact with AMPSolar Evolution to acquire 26 per cent stake in the solar power firm for Rs 8.4 crore. The Sunil Bharti Mittal-led firm has signed an agreement with the renewable energy company to meet the green energy needs and optimise energy costs, as well...

20 Oct 2019

Swiggy to be Third largest source Of Emp...

Swiggy to be Third largest source Of Employment: F...

One of the major food delivery companies named Swiggy is all set to recruit three lakhs employees in the next 18 months, which will make it to a total of 5 lakh employees. At present, Swiggy has about 2.1 lakh employees operating across the country. Of which 8000 employees come in the corporate sect...

19 Oct 2019

IMF Says Corporate Income Tax Cut Will H...

IMF Says Corporate Income Tax Cut Will Help Revive...

The International Monetary Fund on Friday supported India's recent decision to reduce corporate income tax, saying it has a positive impact on investment. It, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions. "We believe India ...

19 Oct 2019

RIL creates history, becomes first India...

RIL creates history, becomes first Indian co to hi...

Reliance Industries (RIL) on Friday added another feather to its cap by becoming the first Indian firm to hit the Rs 9 lakh crore market valuation mark. During late morning trade on BSE, the company's market capitalisation (m-cap) was Rs 9,01,490.09 crore. The scrip of the country's most-valued comp...

18 Oct 2019

India among fastest growing economy desp...

India among fastest growing economy despite IMF's ...

India remains among the fastest growing economies of the world and efforts are being made to make it grow faster, Union Finance Minister Nirmala Sitharaman has said. The International Monetary Fund (IMF) has projected a reduced growth rate for India, but the country's economy is "still growing as th...

18 Oct 2019

SC dismisses plea by PMC account holders...

SC dismisses plea by PMC account holders over cash...

The Supreme Court on Friday refused to entertain a plea filed on behalf of scam-hit PMC Bank account holders seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals. A bench headed by Chief Justice of India Ranjan Gogoi said, "We are not inclined to entertain this pe...

18 Oct 2019