BPCL rose to a four-month high of Rs.939.80, its intra day high. Its 52-week high is at Rs.987 and low is at Rs.704.40.

The stock is in the limelight after the company’s board of directors approved the proposal for increasing the ceiling of investment by FIIs in the company from the present 24% to 49%, in one or more tranches.

In another announcement, BPCL approved the proposal to acquire Petronet India’s 26% equity stake in Petronet CCK Ltd (PCCKL) at a total cost of Rs.79 crore. This company is a subsidiary company promoted by BPCL and Petronet India.

BPCL owns a 73.96% in PCCKL while Petronet India has a 26% stake. After this acquisition, BPCL’s holding in PCCKL will rise to 99.96%.