BPCL Gains Over 1% On Investment Plans

Bharat Petroleum, on Monday, announced plans to pump in Rs 1 lakh crore into petrochemicals, renewables and electric mobility over the next five years

BPCL Gains Over 1% On Investment Plans

At 11:30 am, BPCL shares were trading higher by 1.7 per cent at Rs 427 on the BSE

Bharat Petroleum (BPCL) shares gained more than 1 per cent on the BSE in mid-day trading on Tuesday after the country's second largest fuel retailer announced plans to pump in Rs 1 lakh crore into petrochemicals, renewables and electric mobility during the next five years. The investment will help the company in firming up its future roadmap which will have space for both conventional fuels and fast-emerging electric vehicles segment, BPCL chairman A K Singh said on Monday after making the announcement.

BPCL is also planning to set up a 1,000 mw infrastructure for renewable power generation, mainly through acquisitions, the chairman said.

Meanwhile, the government is looking to sell its majority stake in the company in the current financial year.

BPCL is the country's second largest fuel retailer and third largest refiner. It owns three refineries at Mumbai, Kochi in Kerala and Bina in Madhya Pradesh, which convert crude oil into fuels such as petrol and diesel.

At 11:30 am, BPCL shares were trading higher by 1.7 per cent at Rs 427 on the BSE as against a 0.2 per cent decline in the benchmark indices.