Ritika
(*19*)
Insurance company Life Insurance Corporation of India (LIC) on Tuesday purchased more than 2% stake in state-run Bharat Petroleum Corporation Limited (BPCL). LIC now has 19,61,15,164 shares of BPCL. Earlier, the insurance company held 15,25,08,269 shares of the state-owned refinery company. LIC has stated in a regulatory submitting that its stake in state-owned BPCL has now increased to 9.047%, from 7.03% earlier.
Shares purchased at a median value of Rs 336.43 per share
The market capitalization of Bharat Petroleum Corporation Limited (BPCL) is Rs 67301 crore. The company is engaged in the refining of crude oil and advertising of petroleum merchandise. LIC says that in the interval from 28 December 2021 to 26 September 2022, the company has increased its stake in BPCL by more than 2%. The insurance company has purchased these shares from the open market at a median value of Rs 336.43 per share. As per norms of market regulator SEBI, listed firms are required to disclose a shareholding of more than 2%.
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BPCL shares gave returns of more than 1200%
LIC shares closed at Rs 629.05, down 0.28% on the Bombay Stock Exchange on September 27, 2022. At the identical time, shares of Bharat Petroleum Corporation closed at Rs 310.65, up 1.85%. The shares of BPCL have given returns of more than 1200 per cent since November 1, 1996. At the identical time, in the final one 12 months, the shares of BPCL have fallen by about 28%. The company’s shares have fallen almost 20% to this point this 12 months.
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