LIC Purchases 2% Stake In State-Owned BPCL
Life Insurance Corporation of India (LIC), a giant in the insurance industry, announced on Tuesday that it has since last December purchased more than 2% of the state-owned refiner Bharat Petroleum Corporation Ltd (BPCL).
According to LIC's regulatory filing, it boosted its equity shareholding in BPCL from 15,25,08,269 to 19,61,15,164, boosting its percentage shareholding from 7.030 to 9,047.
With a market capitalization of 67,301 crore rupees, Bharat Petroleum Corporation engages in the sale of petroleum products as well as the refining of crude oil.
According to the filing, "There is an increase of more than 2 percent in the holding during the period from December 28, 2021, to September 26, 2022," The shares were purchased on the open market for, on average, 336.43 each. Listed firms must declare shareholdings greater than 2% in accordance with Sebi regulations.
On the BSE, LIC shares ended the day at $629.05 a share, down 0.28 percent, while BPCL shares closed at $310.65 per share, up 1.85 percent.
Crude oil refining and marketing are two of BPCL's business activities. After reporting a net profit of Rs 1,559.62 crore in Q1 FY22, it reported a standalone net loss of Rs 6,290.80 crore in Q1 FY23. In Q1 FY23, net sales (excluding excise duty) increased 70.7% to Rs 121,065.89 crore from Rs 70,921.28 crore in the same quarter the previous year.