For HPCL, this will be the third bonus issue of shares in the last decade. The company earlier issued one free share for every two held in 2017 and two free shares for every one held in 2016.
In BPCL’s case, it also issued one free share for every two held in 2017 and one free share for every one share in 2016 and 2012 respectively.
TO CNBC-TV18 Poll expects BPCL’s revenue to remain flat at ₹1.15 lakh crore during the quarter, while Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) may see a 43% jump compared to the December quarter.
BPCL’s strong performance in the marketing segment is likely to partially offset the strong marketing segment.
Gross Refining Margin on a reported basis is seen at $17.1 per barrel, with blended gross marketing margin seen at ₹3.4 per liter. GRMs are the difference in value between the refined products sold and the feed stock consumed. It is calculated per barrel of crude oil processed.
Shares of all three state-run oil refiners rose between 30% to 40% during the January-March quarter as multiple brokerages upgraded these stocks citing the valuation comfort. However, after the run-up, the street appears divided on the prospects as some still see room to run for these stocks, some have shifted to the field of valuations not justifying fundamentals.
Shares of HPCL have risen 105% in the last 12 months, while those of BPCL have risen 70% during the same period.
(With Inputs From Sonal Bhutra.)
