PSU Stocks Surge on Monday, 3rd June 2024
Government oil companies’ stocks showed a rapid increase on Monday. Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Oil India Limited, and Indian Oil Corporation Limited shares all rose by up to 10% on Monday. Hindustan Petroleum Corporation Limited saw the highest increase in share price. HPCL, BPCL, and Oil India will be giving bonus shares to their investors as a gift. The record date for bonus shares is approaching. The oil companies’ shares have also received a boost from exit polls.
Hindustan Petroleum Corporation Limited’s shares rose by over 10% on Monday, reaching Rs 594.70. HPCL’s share reached its 52-week high on Monday. The company has announced the issuance of bonus shares in a 1:2 ratio. The record date for bonus shares is set for 21st June, 2024. HPCL’s shares have increased by over 130% in the past year. On Tuesday (4th June 2024), the share was trading at Rs 505 with a 13.29% decline.
Bharat Petroleum Corporation Limited saw an increase of over 8% in share price on Monday. BPCL’s share reached Rs 687 on Monday. The company’s shares are close to their 52-week high. BPCL has announced the issuance of bonus shares in a 1:1 ratio. The record date for bonus shares is set for 22nd June. BPCL’s shares have increased by over 90% in the past year.
Oil India Limited’s shares rose by over 8% on Monday. Oil India’s share reached Rs 682.20 on Monday, close to its 52-week high. Oil India Limited is issuing bonus shares to its investors in a 1:2 ratio. This means the company will pay one bonus share for every 2 shares held. Oil India’s share has increased by over 170% in the past year.
Indian Oil Corporation’s shares also rose by over 8% on Monday. The company’s share reached Rs 176.40.
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