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 government had extended the deadline for bids for BPCL, one of India's most profitable state-owned companies, as the pandemic delayed the process that was initially expected to be completed by October

The asking price of close to $10 billion by the government for selling its entire 52.98 per cent stake may keep the energy giants away from bidding for a majority stake in the second largest oil refinery and marketing company in India

The government, which is exiting BPCL by selling its entire 52.98 per cent stake, has already extended the date of putting in the preliminary expression of interest (EoI) on four occasions

The government currently holds 89.18 per cent stake in IRCON International Ltd

India Stock Market Highlights Today: Reliance Industries, followed by M&M, Bajaj Auto, Tata Steel, NTPC, Titan and HDFC were among the was the top gainer in the Sensex pack. Tech Mahindra, Nestle India, Bharti Airtel, PowerGrid and Infosys were among the laggards

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India Stock Market Highlights Today: Titan, followed by L&T, ONGC, Tech Mahindra, Bajaj Auto, HUL and Nestle India were among the top laggards in the Sensex pack. On the other hand, Axis Bank, Asian Paints, UltraTech Cement and HCL Tech were among the gainers

A preliminary meeting would be held at NITI Aayog on Monday to identify more companies. The meeting would be held to assess which companies and assets are non-strategic in nature and can be pushed for sale in the next round

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The government plans to conclude the bidding process in four major PSUs -- BPCL, Shipping Corporation (SCI), Container Corporation (Concor) and BEML -- by November last as the stock market is heading to break above pre-Covid levels

India Stock Market Highlights Today: ONGC, followed by NTPC, HDFC, Axis Bank, ICICI Bank, PowerGrid and Nestle India were among the top gainer on Sensex pack. On the other hand, TCS, Tech Mahindra, Infosys and Sun Pharma were among the laggards.

BPCL stock price trades lower than 5, 20, 50, 100 and 200-day moving averages. Firm's market capitalisation stood at Rs 83,451 crore as of today's session

The Indian government - looking to finance welfare schemes and bridge a fiscal deficit that has already topped the annual target - had aimed to raise $8 billion to $10 billion through the sale of its BPCL stake

The government is targeting that sale of its 53.29% stake in BPCL in this fiscal year ending March 2021

BPCL share declined 3.11% intra day to Rs 365 against previous close of Rs 377.25 on BSE

The privatisation of key companies, including BPCL, is a key part of government plans to pare the fiscal deficit, which has breached its target level just four months into the current fiscal year

The lower economic activities post the COVID-19 outbreak changed the financial position of global oil giants as most of them posted losses in the last quarter

India Stock Market Highlights Today: HUL, Asian Paints, Maruti, Bajaj Auto and Nestle India were among the laggards. On the other hand, HCL Tech, followed by Tech Mahindra, HDFC duo, Reliance Industries, TCS, SBI and IndusInd Bank were among the top gainers today.

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