BPCL shares rise after expiry of bonus issue ex-date


Bharat Petroleum Corporation shares rose nearly 2% on Friday after the ex-date of bonus issue expired.

According to an exchange filing on May 9, the company's board has fixed June 22 as the record date for issuance of bonus shares in the ratio of 1:1 to eligible shareholders.

BPCL shares rose 1.88% to Rs 319 per share, its highest level since May 29. As of 12:34 pm, it was trading 1.32% lower at Rs 309.00 per share. In comparison, the NSE Nifty 50 index fell 0.20%.

The stock has gained 65.77% in the past 12 months. Total trading volume till today was 3.0 times its 30-day average. The relative strength index was 49.91.

According to Bloomberg data, 18 of the 33 analysts tracking the company maintain a ‘buy’ rating, five recommend a ‘hold,’ and 10 recommend a ‘sell.’ The average 12-month consensus price target suggests an upside of 75.5%.

Shares of Hindustan Petroleum Corporation or HPCL fell on Friday on the record date for bonus issue. On May 9, the company had announced a bonus issue of one share for every two shares held, with a record date of June 21.

The company's shares fell 2.92% to Rs 339 per share, its lowest level since June 7. As of 12:45 pm, it was trading 2.8% higher at Rs 339.20 per share. In comparison, the NSE Nifty 50 index fell 0.4%.

The stock has gained 27.46% on a year-to-date basis and 85.58% in the last 12 months. Total trading volume so far during the day was 1.02 times its 30-day average. The Relative Strength Index was at 45.5.

According to Bloomberg data, of the 33 analysts tracking the company, 15 maintain a 'buy' rating, six recommend 'hold' and 12 recommend 'sell'. The average 12-month consensus price target suggests an upside of 2.2%.

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