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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Bharat Petroleum Corporation Limited    BPCL   INE029A01011

BHARAT PETROLEUM CORPORATION LIMITED

(BPCL)
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India's October diesel sales rise above pre-COVID levels

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10/16/2020 | 04:12am EDT
A worker fills diesel in a vehicle at a fuel station in Chennai

NEW DELHI (Reuters) - India's gasoil sales rose in October for the first time since the nation imposed COVID-19 restrictions in late March, preliminary data shows, signalling a pick-up in industrial activity ahead of key festivals.

Diesel sales by the country's three state fuel retailers rose 8.8% year on year in the first half of October, according to provisional data compiled by Indian Oil Corp, the country's biggest refiner and fuel retailer.

Sales of gasoil, which account for about two fifths of the country's overall fuel demand, totalled 2.65 million tonnes, up more than 24% from the previous month.

Rising diesel sales in the world's third-biggest oil consumer and importer would help refiners that have had to cut crude-processing runs during the coronavirus crisis, said an official at one of the state refiners, though he cautioned that diesel sales growth could be temporary.

"Typically, transportation of goods picks up ahead of festivals and dips during and after the key festivals. This year key festivals are towards the end of this month and early November; last year they were in October," he said.

Rising gasoline and gasoil demand in India should also aid other markets hit by slow demand recovery.

Gasoline sales rose 1.5% year on year to 982,000 tonnes in the first half of October, up 1.45% from the same period last month, the data showed.

"With demand in advanced economies on a declining trend, all of the increase comes from emerging market and developing economies, led by India," the International Energy Agency (IEA) said in its World Energy Outlook 2020.

State companies IOC, Hindustan Petroleum Corp and Bharat Petroleum own about 90% of India's retail fuel outlets.

State retailers sold 7% more cooking gas in the first half of October than a year ago, at about 1.17 million tonnes, while jet fuel sales were down 57% at 135,000 tonnes.

(Reporting by Nidhi Verma in New Delhi; Editing by Tom Hogue and David Goodman)

By Nidhi Verma


Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED -0.95% 343.35 Delayed Quote.-29.48%
HINDUSTAN PETROLEUM CORPORATION LIMITED -1.99% 172.35 Delayed Quote.-33.52%
INDIAN OIL CORPORATION LIMITED -2.28% 75.05 Delayed Quote.-38.83%
LONDON BRENT OIL 1.82% 43.18 Delayed Quote.-34.86%
WTI 2.20% 41.74 Delayed Quote.-33.36%
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Financials
Sales 2021 1 993 B 27 127 M 27 127 M
Net income 2021 62 583 M 852 M 852 M
Net Debt 2021 498 B 6 781 M 6 781 M
P/E ratio 2021 11,5x
Yield 2021 3,47%
Capitalization 745 B 10 135 M 10 138 M
EV / Sales 2021 0,62x
EV / Sales 2022 0,47x
Nbr of Employees 12 687
Free-Float 37,7%
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Average target price 458,97 INR
Last Close Price 343,35 INR
Spread / Highest target 60,2%
Spread / Average Target 33,7%
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Padmakar Kappagantula Chairman, Managing Director & Director-HR
Neelakantapillai Vijayagopal Finance Director & Executive Director
R. Narayanan Executive Director-Information Systems
S. Bhargava Executive Director-Research & Development
Y. V. Apte Executive Director-Engineering & Projects
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