The share price of Bharat Petroleum Corporation (BPCL) touched its 52-week high of Rs 488 this morning showing an increase of over 3% from yesterday’s closing price.
The investors were in for more bonanza as the company announced a final dividend of Rs 58 per common share. This amount includes special dividend of Rs 35 per common share.
To enable these dividends will cost the company Rs 12,581.66 crore including the special dividend which amounts to Rs 7,592.8 crore.
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The company’s quarterly report revealed increase of over four times in standalone profits at Rs 11,940.1 crore vs a profit of Rs 2,777.6 crore in the previous quarter.
However, the latest quarter profit included a one-time gain of Rs 6,992.9 crore. The revenue from operations stood at Rs 98,755.62 crore vs Rs 86,579.95 crore in the previous quarter.
As per the core earnings, there was not much surprise in the market as the numbers reported were in line with the expectations. However, the company outperformed its peers by gaining market share in retail fuel marketing.
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Overall, the large one-time special dividend was the strong point which cheered the investors. At 2:41 pm, the share price is Rs 470.30 down 0.4% from the previous closing.