Stocks

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

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