Bharat Petroleum Corporation (BPCL) rose 1.39% to Rs 378.20 after the company said it won the bid for city gas distribution networks in a round conducted by Petroleum and Natural Gas Regulatory Board (PNGRB).
BPCL has emerged as the successful bidder in 6 Geographical Areas (GA) in 19 districts, for setting up City Gas Distribution (CGD) networks, post evaluation of technical and financial bids, in the recently concluded 11th bidding round of PNGRB.The CGD footprints of BPCL, along with its JVs, will now extend to 48 GAs covering 94 districts in 18 states, across India.
Currently, with presence in 63 districts, including prominent cities, BPCL along with its JVs together hold 33% market share in the CGD sector in the country.
After announcement of results of bidding, BPCL's committed investment in CGD network, on a standalone basis, would increase to over Rs 22,000 crore for development of 23 GAs, includ ing Rs 10,000 crore for the 6 new GAs.
BPCL board will consider Q3 results on 31 January 2022. The PSU company's standalone net profit jumped 19.9% to Rs 2,694.10 crore on a 62.6% surge in net sales to Rs 81,536.67 crore in Q2 FY22 over Q2 FY21.
BPCL is the second largest Indian oil marketing company. It is 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 Government of India holds 52.98% stake in BPCL as of 30 September 2021.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU