Sources said, the oil refiner is looking to get the Securities and Exchange Board of India (Sebi) to give exemption for the open offers to the successful bidder of BPCL as already done when ONGC acquired a government stake in HPCL.BPCL
By Reuters Staff
2 Min Read
FILE PHOTO: A woman walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, January 31, 2020. REUTERS/Francis Mascarenhas/File Photo
BENGALURU (Reuters) - Indian shares ended higher on Wednesday, riding on gains in information technology and financial stocks as sentiment was bolstered by a steady drop in COVID-19 cases.
The blue-chip NSE Nifty 50 index closed 0.61% higher at 15,301.45, while the benchmark S&P BSE Sensex rose 0.75% to 51,017.52.
Equities also got a boost after U.S. Federal Reserve officials reaffirmed a dovish monetary policy stance, reassuring investors worried about the prospect of rising inflation.
On Tuesday, India reported its lowest daily rise in cases in more than a month.
The companys revenue from operations rose 21.5 per cent on a year-on-year basis to Rs 98,755.6 crore for the quarter, which was sharply higher than analysts estimates.
Bharat Petroleum Corporation Ltd (BPCL) on Wednesday declared a record Rs 12,581 crore dividend, more than half of which will go to the government, ahead of the privatisation of the company. In a regulatory filing, BPCL said its Board of Directors has recommended a final dividend of Rs 58 per equity share (including one-time special dividend of Rs 35 per equity share of Rs 10 each) for the financial year ended March 31, 2021 subject to the approval of the shareholders. The dividend works out to Rs 12,581.66 crore, including special dividend of Rs 7592.38 crore. The government, which is selling its entire 52.98 per cent stake in BPCL, will get Rs 6,665.76 crore plus dividend distribution tax.