Bharat Petroleum Corporation (BPCL) shares climbed over 6% intraday on the Bombay Stock Exchange on Wednesday after reports suggested that Saudi Aramco is eyeing to buy out Indian government's stake in the state-owned Maharatna oil and gas company.
Reacting to the news, BPCL stock price rose 2.8% in the opening bell against the previous close of Rs 490.25 on the BSE. The stock climbed 6.13% to hit the day's high of Rs 520.35. The stock traded 30 points lower than its 52-week high recorded on October 4, 2019.
A total of 5.55 lakh and 137.15 lakh shares changed hands on BSE and NSE, respectively. BPCL share traded higher than 5, 20, 50, 100 and 200-day moving averages.
Saudi oil giant Aramco is reportedly mulling investment in BPCL, including possible partnership with Reliance India Ltd.
The government has invited top global oil and gas giants like Exxon Mobil, Chevron and ConocoPhillips (from the US), Royal Dutch Shell and BP Plc (the UK), Rosneft and Lukoil (Russia), Petro China, CNPC and Sinopec (China), Total SA (France) and Saudi Aramco to bid for its stake in BPCL and ONGC's stake in Hindustan Petroleum Corporation (HPCL).
The government plans to offload approximate 53.29% share stake in BPCL to a strategic investor.
Shares of Bharat Petroleum Corporation Limited closed 4.4% higher at Rs 511.95 on the BSE.
By Rupa Burman Roy