BPCL To Invest Rs 10,000 Crore In Six New Geographical Areas For City Gas Distribution

Shares of Bharat Petroleum Corporation Ltd. (BPCL) rose nearly 2%, the biggest intraday gain in nearly two weeks, to Rs 368 apiece after the company emerged as a successful bidder in six geographical areas (GA) in 19 districts, to set up City Gas Distribution (CGD) networks in the recently concluding 11th bidding round of PNGRB.

• With this, BPCL’s CGD footprints will extend to 48 GAs covering 94 districts in 18 states.
• As of now, BPCL holds 33% market share in CGD sectory.
• BPCL has committed to over Rs 22,000 crore for development of 23 GAs, including Rs 10,000 crore for the six new GAs.
• Of the 38 analysts tracking the company, 35 maintained ‘buy’, two maintained ‘hold’ and one maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 42.8%.

Source: Exchange Filing, Bloomberg

(BPCL) informed the exchanges that the company has emerged as a successful bidder in 6 Geographical Areas (GA) in 19 districts, for setting up City Gas Distribution (CGD) Networks, post evaluation of technical and financial bids, in the recently concluded the bidding round of PNGRB.

The CGD footprints of BPCL, along with its JYs, will now cover 94 Districts in 18 States extending to 48GAs, across India. Currently, BPCL has a presence in 63 districts, including prominent cities, BPCL along with its JYs, together hold 33% Market Share in the CGD sector in the Country.

After the announcement of results of bidding, BPCL’s committed investment in the CGD network, on a standalone basis, would increase to over Rs 22,000 crores for the development of 23 GAs, including Rs 10,000 crores for introducing 6 new GAs.

BPCL is currently trading at Rs 377.90, up by Rs 4.80 or 1.29% against its previous closing price of Rs 373.10. It has touched the intraday high and low of Rs 380.45 and Rs 368 respectively, while its 52-week high remains at Rs 503.

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