BPCL shares surges over 7%, with record heavy trading volumes

New Delhi: The Shares of the Oil PSU Bharat Petroleum Corporation (BPCL) surged around 7 percent to hit a fresh record high of Rs 370.50 on NSE, driven by heavy volumes.

A total of three crore shares of the company changed hands on BSE and NSE combined, compared to the one-month average trading volume of one crore shares.

In last one year, BPCL stock has zoomed 110 percent, more than doubling investors’ capital. In comparison, Nifty gained 30 percent during this period.

Earlier this month, BPCL said its subsidiary along with Indian Oil Corporation (IOC) has been awarded a production concession by The Supreme Council for Financial and Economic Affairs (SCFEA) in Abu Dhabi.

BPCL said the production concession agreement follows the award of the exploration and production concession to Urja Bharat Pte Limited (UBPL) in March 2019 and the successful completion of the exploration phase.

The concession agreement covers a total area of up to 6,162 square kilometers, offering UBPL 100 percent concession rights. The area includes conventional undeveloped oil and gas resources, BPCL said.

Combinedly, the stock has gained 62 percent, compared to an 18 percent rise in benchmark Nifty.

The shares of BPCL have given multi-bagger returns of 110.6% from last year while in the current financial year, the stock has increased by 62.7%. According to the BSE analytics, the stock has gained 23.5% and 20.7% in the last 6 months and 3 months, respectively.