look news india
Public sector Bharat Petroleum Corporation Limited (BPCL) has released the results of the December quarter. The company’s profits rose by 20 percent to Rs 3,806 crore in this quarter, mainly due to an increase in margin. The company’s profits have also increased on a quarterly basis. The company made a profit of Rs 2,297.23 crore in the July-September quarter. However, due to fall in oil prices, the income from operations in the third quarter declined to Rs 1.27 lakh crore, compared to Rs 1.3 lakh crore in the same quarter last year.
Dividend approval
BPCL board has approved an interim dividend of Rs 5 per share. The company has fixed the record date on 29 January 2025 for determining eligibility for interim dividend. Meanwhile, the company’s stock price declined on Wednesday and closed at Rs 277.70.
Hands with SBI
Recently, BPCL has signed a loan agreement of Rs 31,802 crore with a Consortium led by the State Bank of India for expansion of refinery in Bina, Madhya Pradesh and establishing a petrochemical complex. The estimated cost of the project is Rs 48,926 crore, which aims to construct a 1.2 million tonne cracker unit per year and increase the capacity of the refinery from 7.8 MMTPA to 11 MMTPA.
This expansion will help BPCL to produce Downstream Petrochemical Products such as lenier low density polyethylene (LLDPE), high density polyethylene (HDPE), polypropylene (pp) and other aromatic substances, which will reduce India’s imports. Significantly, India Petroleum is the second largest Indian oil marketing company among Fortune Global 500 companies and is one of the country’s integrated energy companies that are active in crude oil refinement and marketing of petroleum products.