BPCL Procures 21% Stake in Fino Paytech

On 1^st August ’16, BPCL opened with a decrease in 0.85 points at Rs. 596.95. Throughout the past few days BPCL share price showed on consistency, once it rolled down, and again it took pace.  As of now the stock is currently trading at Rs. 592.25.

Bharat Petroleum Co Ltd (BPCL) has attained 21 per cent stake in Fino Paytech. The latter had seized a license for payments bank last year.  The comprehensive reach of BPCL distribution permits Fino Payments Bank to substantially improve its reach, especially in rural India. Again, BPCL will deliver a different type of payments bank products to its customers and partners. The partnership delivers an outstanding platform for providing customized offerings to diverse segments of customers and hence driving the business of fuel and non-fuel offerings.

Fino PayTech is hoping to launch its banking operations by the months December-January and is still to apply to the Reserve Bank of India for the final approval. The BPCL management has said it predicts that the transactions are closed by 31 December. At present , the major shareholders of Fino Paytech are ICICI Bank, IFC, The Blackstone Group, HAV3 holding and Intel Capital.

As per last year, amongst the 42 applicants for payments bank licence, RBI granted in-principle licence to 11 applicants. Payments banks can accept deposits of up to Rs 1 lakh and offer current and savings account deposits. They can also issue debit cards and offer internet banking. But they will not be allowed to lend or issue credit cards. This agreement, however, did not show much influence on BPCL share price.

BPCL Share Price Forecast

BPCL is one amongst the top 500 shares identified by Dynamic Levels research team for this quarter out of the 1700 shares listed on NSE. BPCL share price met its 52 week high on 25^th July ’16 at Rs. 601.85 and the stock’s 52 week low is seen at Rs. 365.58 on 23^rdFeb ’16. For the closest support and resistance level, kindly refer BPCL share price history.