Stocks of oil refining companies jumped today as petrol prices were hiked by Rs. 2.19 a litre and diesel by 98 paise per litre.

Bharat Petroleum Corporation gained 0.17 per cent to Rs 88.30, and Hindustan Petroleum Corporation jumped 0.86 per cent to Rs 797.90, whereas Indian Oil Corporation stock ended the session down by 0.1 per cent at Rs 401.55.

The BPCL stock hit intra-day high of Rs 909.40 and low of Rs 882.20. HPCL stock hit intra-day high of Rs 814.40 and low of Rs 792.55 and IndianOil's intra-day high was Rs 411.75 and low Rs 398.35.

Late on Monday, petrol prices were raised by Rs 2.19/litre, while diesel prices were increased by 98 paise/litre.

Mphasis snaps 4-day fall

Mphasis Ltd gained as much as 4.2 per cent, snapping a four-day losing streak on positive broker comments after Blackstone deal.

The shares ended the session up by 0.34 per cent at Rs 456 on the BSE. The stock hit intra-day high of Rs 473.85 and low 451.05.

Blackstone has bought a majority stake in Indian IT outsourcing services provider from Hewlett Packard Enterprise Co for up to $1.1 billion.

According to Kotak Institutional Equities, the deal will provide Mphasis an opportunity to tap into Blackstone’s portfolio of companies for IT work.

However, deal pricing terms and implications for profitability are not clear, it says.

IDFC Securities expects a gradual re-rating of the stock following the deal, which increases growth visibility under the new promoters; it maintains “outperformer” rating with a price target of Rs 530.

StarMine Intrinsic Valuation model pegs fair value at Rs 662 above the current level of Rs 460.

Shares of Mphasis gained more than 11 per cent from the beginning of March till end of last week in anticipation of a deal.

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