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    BPCL   INE029A01011

BHARAT PETROLEUM CORPORATION LIMITED

(BPCL)
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Delayed NSE India Stock Exchange  -  09:00 2022-08-08 am EDT
325.65 INR   -3.20%
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India diesel sales rise 48% in first two weeks of June

06/15/2022 | 09:31am EDT
People get their two-wheelers filled with petrol at a fuel station in Ahmedabad

NEW DELHI (Reuters) - India's gasoil demand rose at a rapid pace during the first two weeks of June, preliminary data released on Wednesday showed, and long queues appeared at some fuel stations as concerns grew over supply.

State-controlled retailers sold 3.4 million tonnes of gasoil from June 1 to 14, up 47.8% from the same period a year earlier and 12% from the same period last month, the data showed. Sales of gasoline were 1.28 million tonnes, up 54.2% year-over-year.

The government on Wednesday played down concerns about fuel supply, saying unprecedented demand growth has created some temporary logistics issues in more remote places.

"The increase in demand has been on account of the seasonal surge in demand due to agricultural activities, (and) bulk buyers having shifted their purchases to retail outlets," the Ministry of Petroleum & Natural Gas said in a statement.

State-run Indian Oil Corp, Hindustan Petroleum Corp and BPCL own about 90% of the country's retail fuel outlets.

"Oil Companies have geared up to tackle these issues by increasing the stocks at depots and terminals, extra movement of trucks to serve retail outlets and extending working hours of depots and terminals," the federal oil ministry said.

"The companies are ensuring that sufficient supplies of petrol and diesel are available to cater to this extra demand," the ministry said.

Below is a table of India's preliminary fuel sales data with volumes in thousand tonnes.

Product June %chg yr/yr % chg m/m

1-14

Gasoline 1281.9 54.2 0.8

Gasoil 3395.7 47.8 12

Jet Fuel 242.9 125.1 1.2

Liquefied 1064.8 4.21 2.9

Petroleum Gas

(Writing by Sudarshan Varadhan; Editing by Alexandra Hudson)

By Nidhi Verma


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED -3.20% 325.65 Delayed Quote.-15.51%
HINDUSTAN PETROLEUM CORPORATION LIMITED -4.65% 239.05 Delayed Quote.-18.23%
INDIAN OIL CORPORATION LIMITED 0.34% 73.35 Delayed Quote.-1.32%
LONDON BRENT OIL 0.48% 96.65 Delayed Quote.21.13%
S&P GSCI GAS OIL INDEX 3.10% 903.0622 Real-time Quote.46.35%
S&P GSCI NATURAL GAS INDEX 1.41% 360.0993 Real-time Quote.116.12%
WTI 0.34% 90.68 Delayed Quote.17.49%
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Sales 2023 4 359 B 54 785 M 54 785 M
Net income 2023 66 477 M 836 M 836 M
Net Debt 2023 692 B 8 699 M 8 699 M
P/E ratio 2023 11,9x
Yield 2023 4,34%
Capitalization 706 B 8 879 M 8 879 M
EV / Sales 2023 0,32x
EV / Sales 2024 0,31x
Nbr of Employees 8 594
Free-Float 45,2%
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Last Close Price 325,65 INR
Average target price 409,53 INR
Spread / Average Target 25,8%
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Arun Kumar Singh Chairman & Managing Director
Ramakrishna Gupta Vetsa CFO, Finance Director, Director & Head-Treasury
P. Anilkumar Executive Director-Information Systems
Ravikumar V. Chief General Manager-Research & Development
Chacko M. Jose Chief General Manager-Kochi Refinery Operations
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