BPCL Misses Q4 Estimates; Stock Soars 3% On Bonus Issue
BPCL declares a bonus issue of 1:1 with a record date of 22 June and dividend of Rs 21 per equity share
Bharat Petroleum (BPCL) declared its fourth quarter results for FY 2023-24 with a decrease in its consolidated attributable net profit to Rs 4.89 billion against Rs 68.70 billion in the same quarter in the last fiscal year.
However, despite the earnings below estimates, BPCL stock rose above 3 per cent in the Friday trading session as the firm declared bonus issue and dividend.
BPCL stock traded at Rs 614 with 3.77 per cent gain in the morning session on the National Stock Exchange (NSE).
BPCL revenue from operations in the fourth quarter fell to Rs 1.321 trillion against Rs 1.334 trillion in the same quarter of last fiscal year.
Earnings per share (EPS) also contracted to Rs 22.45 compared to Rs 32.26 a year earlier.
The firm declared a bonus issue of 1:1 with a record date of 22 June and dividend of Rs 21 per equity share pre-bonus issue.
Notably, BPCL stock price has increased more than 33 per cent year-to-date (YTD) compared to 18.3 per cent YTD increase in Nifty Oil and Gas Index.
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