Bharat Petroleum Corporation (BPCL) shares gained as much as 1.9 per cent in the early trade on Thursday after the Reserve Bank (RBI) allowed foreign investors to raise their holdings in the oil marketing company to up to 49 per cent.
At 10.18 am, shares of BPCL were trading 1.67 per cent up at Rs 996.45. The scrip opened at Rs 990.50 and has touched a high and low of Rs 999 and Rs 988.60, respectively, in trade so far. Sensex was trading 161.15 points, or 0.60 per cent, down at 26,853.71.
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of Bharat Petroleum Corporation under the Portfolio Investment Scheme,” RBI said in a release on Wednesday.
BPCL shares touched their all-time high of Rs 1,279.30 on June 3, 2016.
According to BSE, promoters held 54.93 per cent stake in BPCL, while the public holding stood at 45.07 per cent as on March 31, 2016.