State-run oil refiner Bharat Petroleum Corporation Ltd. (BPCL) on Wednesday informed the stock exchanges that it will be holding a board meeting on December 20 for the consideration of investments into upcoming major projects.
In lieu of this meeting, trading window for dealing in the company's stocks for designated individuals has been closed starting today until 48 hours of the board meeting outcome.
BPCL will close trading windows of its securities as part of the company’s Insider Trading Code.
Last year, BPCL divested its entire 61.5 percent stake in the Numaligarh refinery to a consortium of state-run companies led by Oil India for Rs 9,876 crore. Post the sale, the company announced a record Rs 12,581 crore dividend of Rs 58 per share.
As of the September quarter, the company had cash and cash equivalents worth close to Rs 1,800 crore.
BPCL received a one-time grant of Rs 5,582 crore in the September quarter for under-recoveries on the sale of domestic LPG. The grant ensured the company's losses narrowed to Rs 304 crore from Rs 6,263 crore during the June quarter.
The company's refining segment performed better compared to other OMCs.
Shares of BPCL are trading 1 percent higher at Rs Rs 349.55. The stock is down 9.5 percent for the year.
