16 Sep , 2021 By : Kanchan Joshi
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL), while announcing its fourth quarter (Q4) earnings in May, had announced that the board approved a final dividend of Rs58 per share, which includes a one-time special dividend of Rs35 per equity share. The company declared its dividend ex-date, which is September 16.
Santosh Meena, Head of Research, Swastika Investmart Ltd said, “BPCL may witness positive momentum ahead of ex-date for a hefty dividend of Rs58/Share and I believe it may continue its positive momentum post-ex-dividend date as well therefore one can accumulate this stock at the current level."
Meena added that he has a bullish view on the overall PSU basket as the Nifty PSE index is likely to breakout multi months resistance. The comment by Morgan Stanley that it expects India to be included in global bond indices in early 2022 may lead to positive sentiment in the PSU space. BPCL also witnessed a breakout of ascending triangle formation that may lead to a fresh leg of rally, he said.
"The final dividend, recommended by the board at its meeting on May 26, is subject to the approval of the shareholders at the Annual General Meeting (AGM) scheduled for September 27,'' BPCL had said. The company intimated that the register of members and the share transfer books of the company will remain closed from 18th-27th September 2021 (both days inclusive) for the purpose of payment of final dividend.
For the quarter ended June (Q1FY22), BPCL reported 27.6% drop in net profit at Rs1,501 crore. The nation's second largest oil refiner and fuel marketing company had a net profit of Rs2,076 crore in the year-ago quarter. The company's revenue from operations rose to Rs89,687 crore in April-June this year from Rs50,617 crore last year. The government is selling its entire 52.98% stake in BPCL and intends to complete the BPCL privatisation this year.
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