BPCL, GAIL, and Indraprastha Gas shares rally up to 2.5%; here is all you need to know

BPCL shares rallied nearly 2% to ₹290.50 apiece on the NSE while GAIL shares gained 2.5% to ₹189.28.

The IPO size will be more than ₹1,000 crore, the company said in an exchange filing.

IGL has a 50% stake, while BPCL and GAIL hold a 22.5% stake each in the JV MNGL. The Maharashtra Industrial Development Corporation, or MIDC, also has a 5% stake in the company.

MNGL is a city gas distribution firm. It has received approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to lay, operate, and expand city gas distribution projects in Pune and Pimpri-Chinchwad, including the nearby areas of Hinjewadi, Chakan, and Talegaon.

In a regulatory filing, BPCL said, "Maharashtra Natural Gas Limited (MNGL), a joint venture of BPCL, GAIL, and IGL is preparing to list through an Initial Public Offering (IPO) of over ₹1,000 crore. In this respect, the BPCL Board has given in-principle approval for the IPO, subject to regulatory and other approvals."

For the September quarter (Q2 FY25), state-owned Bharat Petroleum Corporation Ltd. (BPCL) reported a steep 72% drop in net profit, as refinery margins fell and marketing margins shrunk.

BPCL reported a consolidated net profit of ₹2,297.23 crore in July-September—the second quarter of the current fiscal—compared to a profit of ₹8,243.55 crore a year back, according to a stock exchange filing by the company.

Net profit also declined sequentially when compared to an earning of ₹2,841.55 crore in the April-June period.

Revenue from operations was almost unchanged at ₹1.17 lakh crore in the second quarter when compared to ₹1.16 lakh crore a year back.

Over the past 12 months, shares of BPCL have gained 25%.