Shares of Bharat Petroleum Corporation Limited (BPCL) showed tepid movement ahead of the March quarter results due later in the day.
At 2:10 pm, the stock was trading at Rs 329.30 per share on BSE. The stock is only 1.31 percent away from its 52-week low of Rs 324. The stock has been losing for the last three days and has underperformed the sector by more than half a percent.
As per a CNBC-TV18 poll, BPCL is estimated to post a profit of Rs 2,849 crore for the March quarter of FY22, a 15 percent sequential increase over the last quarter's earnings. Revenue is estimated to increase by 21 percent to Rs 1.2 lakh crore. However, margin is estimated to take a slight hit.
The company is expecting marketing sales volume to decline 10 percent on a year-on-year (YoY) basis and 10 percent on a sequential basis, with exports in the flattish terrain.
A key factor to watch out for will be if BPCL will hike its price now due to an excise duty cut.
Privatisation of BPCL, dubbed as India's biggest ever, has been stalled with one bidder left in the fray after two others walked out over issues such as lack of clarity in fuel pricing, a source told CNBC-TV18.
Anil Agarwal's Vedanta group and US venture funds Apollo Global Management Inc and I Squared Capital Advisors withdrew after failing to rope in global investors amid waning interest in fossil fuels.
The government plans to sell its entire 52.98 percent stake in BPCL and invited expressions of interest from bidders in March 2020.
(With agency inputs)
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First Published: May 25, 2022 2:20 PM IST
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