HPCL, BPCL Shares Jump 4% on Bonus Buzz, Investors CheerHPCL, BPCL Shares Jump 4% on Bonus Buzz, Investors Cheer

Shares of Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) saw increases of up to 4% on the BSE following their announcement of bonus issue plans. The news spurred investor enthusiasm in these state-owned oil marketing firms during Tuesday’s trading session.

The respective boards of HPCL and BPCL are set to meet on Thursday, May 9, 2024, to deliberate on the proposed bonus issue plans. This meeting will also cover the approval of the financial results for the fiscal year ending March 31, 2024, and discuss any final dividend for FY24.

In a previous occurrence in July 2017, both HPCL and BPCL issued bonus shares at a 1:2 ratio, bolstering their share capital and rewarding shareholders. This historical move is seen as a precedent for the upcoming discussions.

Throughout 2024, BPCL, HPCL, and Indian Oil Corporation (IOCL) have significantly outperformed the broader market, with increases of 35%, 30%, and 25.1% respectively. This contrasts sharply with only a 1.7% rise in the S&P BSE Sensex.