Business Daily from THE HINDU group of publications
Saturday, May 10, 2008
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Business Daily from THE HINDU group of publications Saturday, May 10, 2008 ePaper | Mobile/PDA Version | Audio |
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Petroleum Markets - Stocks Columns - Ear to the ground
The stock of Reliance Industries has tumbled 5.19 per cent to Rs 2,527.65 on the BSE on Friday. Trading volumes also jumped to 10.39-lakh shares against its two-week average of 6.56-lakh shares. On the NSE, it closed at Rs 2,528.4 and witnessed similar above-average trading volumes. Reliance Petroleum fell 8 per cent to Rs 181 on the NSE with 3.24-crore shares changing hands. Deliverable ratio stood at 38 per cent. According to marketmen, these stocks fell amidst the talk that the Government might initiate some control on petroleum product exporters. Indian oil companies are (OMCs) importing large quantity of these products to meet domestic demand. Domestic OMCs are feeling the heat of under recoveries of full value on local sales due to the Government’s policy of informal price controls. On the other hand, Reliance Industries has been exporting the product from Jamnagar refinery, which enjoys export-oriented unit status and has been able to fully exploit the commercial potential. According to market talk, in order to help the domestic OMCs to meet the rising demand, the Centre might do away with the EOU status. This could affect RIL’s margin to some extent. K.S. Badri narayanan Sharvari Patwa More Stories on : Petroleum | Stocks | Ear to the ground | Reliance Industries Ltd | Reliance Petroleum Ltd
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