Latest Updates on BPCL
BPCL, IOC and HPCL are going to sign a
deal on 14th June 2017 to set up joint venture refinery cum
petrochemical complex on coastal Maharashtra, after this deal
they would become world largest with a capacity of 60 million
tonnes. Currently IOC holds 50% stake, HPCL holds 25% and BPCL
holds 25% stake.
Technically stock witnessing selling pressure from higher levels, and if stock falls further then will find strong support around 686.50 its recent bottom.
BPCL on 29th May 2017 declared its Q4 numbers. Net profit of BPCL was down by 13% to Rs.1841.68 cr. Technically BPCL is moving positive on 29th May 2017, stock up by 2.35% from its previous closing of Rs. 756 on BSE. Stock is holding above its 50 DMA this indicates further bulls action expecting in coming days.
One of India's biggest broking house Edelweiss Financial services is bullish on BPCL and it has given a buy call in it with a target price of Rs.800. Stock currently trading around 741 and finding strong trend line resistance. Edelweiss Financial services has given a s.l of Rs. 705. (News published on Economic times on 03rd May 2017).