State-run oil companies’ stocks rally on fuel price hike

PTI Mumbai | Updated on June 27, 2011

Led by BPCL, State-run oil companies rallied in morning trade on the BSE today after the Government announced a hike in fuel prices to ease pressure on their margins.

Shares of Bharat Petroleum Corporation Ltd (BPCL) surged by 8.29 per cent to touch a month’s high of Rs 687 on BSE, while Hindustan Petroleum Corp Ltd (HPCL) gained 6.12 per cent to touch a one-month high of Rs 416.55.

Indian Oil Corp also saw buying interest, with the scrip shooting up by 6.79 per cent to a month’s high of Rs 360.

Oil & Natural Gas Corp advanced by 9 per cent to hit a month’s peak of Rs 297.40, while Oil India was trading higher by 6.24 per cent and GAIL (India) by 2.03 per cent.

Led by gains in these stocks, the BSE Oil & Gas index was trading at 9,221.89, up 1.97 per cent and was the top performer among the sectoral indices.

The Government on Friday increased diesel price by Rs 3 a litre, domestic LPG by Rs 50 a cylinder and kerosene by Rs 2/litre, which would help the oil companies reduce their revenue loss by Rs 21,000 crore.

Published on June 27, 2011

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor