Oil India shares opened with a gain of 2.55% today at Rs 124.90 against the last close of Rs 121.80. Later, the stock touched an intraday high of Rs 126.8, rising 4.11% on BSE

Stock Market News Updates Today: Bajaj Finserv, IndusInd Bank, RIL, Kotak Bank were among the top gainers today, while NTPC, PowerGrid, Asian Paints, ICICI Bank, Tata Motors were among the top losers

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Mining giant Vedanta had on November 18 confirmed putting an expression of interest (EoI) to buy out the government's 52.98% stake in the Bharat Petroleum Corporation Ltd (BPCL)

If Agarwal's Vedanta buys BPCL, it will pit him directly against Reliance Industries Chairman Mukesh Ambani in the oil sector

Reliance Industries, which was considered a potential bidder as BPCL would have added 22 per cent fuel market share to its fledgling retail business and made it the nation's number one oil refiner, did not put in an expression of interest

The rating incorporates weak petroleum product demand and gross refining margins (GRMs) in the near term, followed by a gradual recovery and strong marketing margins, reflecting BPCL's ability to reap some benefits from low oil prices

The government is selling its entire 52.98 per cent stake in India's second-largest fuel retailer and third-biggest oil refiner

BPCL will give interested buyers access to around one-fourth of the fuel market share in the world's fastest-growing energy market and 14 per cent of India's oil refining capacity

BPCL operates four refineries in Mumbai, Kochi, Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum

Rosneft, the majority owner of India's second-biggest private oil refinery, is keen to expand in the world's third-largest and the fastest-growing energy market

The Cabinet Committee on Economic Affairs had on November 20 given a go-ahead for sale of govt's entire stake in BPCL, SCI, THDCIL and NEEPCO  to a strategic investor along with management control

The government holds a 100 per cent stake in Neepco, which operates and maintains power stations in the Northeast region, and 75 per cent in THDC

The Cabinet approved a strategic divestment of the government's 53.29 per cent stake in BPCL, along with transfer of certain management control. This is excluding BPCL's equity share holding of 61 per cent stake in Numaligarh Refinery

Industry experts expect global players will come to bid for the assets as it is among the best performing public sector companies in India

Privatisation of BPCL will not just shake up fuel retailing sector long dominated by state-owned firms but also help meet at least a third of the government's Rs 1.05 trillion disinvestment target