PSU OIL MARKETING COMPANY SECURES 6000 ACRES LAND FOR BUILDING REFINERY

is India's second-biggest state refiner, with 706,000 barrels per day of crude capacity across three refineries. The company will now invest nearly $11 billion to build a new 180,000-240,000 barrels-per-day refinery and petrochemicals plant in Andhra Pradesh after the government allocated 6,000 acres land to the company. The commercial operations is expected to begin by Jan29 and the state will provide financial incentives to BPCL equal to 75% of the project's estimated capital expenditure overe a period of 20 years. Having a market cap of Rs 1,46,945 crore, the stock price is currently trading at an attractive P/E of 8.37. The stock price is up by 20% in the last 6 months and trading 6% below it's all time high price of Rs 363.25 per share. Any breakout above this price will indicate a bullish momentum for the stock.