BPCL opened today 3% higher at Rs.520 and rose almost 4.5% to Rs.528. Its 52-week high is at Rs.547.50.
The stock is up after Finance minister Nirmala Sitharaman said that the Govt is aiming to complete the stake sale of BPCL by Marc 2020.
There is unconfirmed news that major global oil companies Aramco, Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total SA and Abu Dhabi National Oil Company have shown interests in BPCL. Many of them are said to have even had initial talks with the govt on bidding for the latter's stake in BPCL.
Following this report, foreign brokerage house Morgan Stanley stated that tis will bring down Govt intervention and has the potential to unlock $15-25 billion value for fuel marketers.
The Govt currently holds 53.49% stake in BPCL.