BPCL shares revived after facing decline by 3% in early trade, reports weak Q4 results
On Thursday, the shares of Bharat Petroleum Corporation Limited (BPCL) revived after trading low in the early session. At 14.34 IST, the corporation’s shares were trading at 357.35, up by 8.30 points or
The oil refiner on Wednesday posted its net loss of Rs 1,819.56 crore in the fourth quarter ended in March. Moreover, this was against the net profit of Rs 2,051.43 in the same quarter last year.
Further, the corporation’s revenue from operations during the quarter dropped by 4.76 percent to Rs 81,829.60 crore.
“The outbreak of COVID-19 globally and resultant lockdown in many countries, including from March 25, 2020, in India, has had an impact on the business of the Group. Consequently, lower demand for crude oil and petroleum products has impacted the prices and therefore refining margins globally,” the corporation said in its filing to the stock exchange.
“Due to this, certain finished goods inventory and certain raw materials of the Group have been valued at net realizable value/replacement costs which are lower than cost. The impact of the same has been reported under exceptional item for Rs 1,310.35 crore,” the filing further stated.
In the current trading session, BCPL is among the NSE gainer. Moreover, Vedanta, Zee Entertainment, Tech Mahindra, and Sun Pharma are the top gainers.
In addition, the rupee ended 11 paise lower at 75.57 per US dollar after the indices entered unstable trade. This is the second day in a row that rupee ended low after Wednesday’s close at 75.46 per dollar.