State-run oil companies rally on fuel price hike
The state-run companies which are led by BPCL have gathered in morning trade on the BSE today. This was after the government’s announcement of a hike in fuel prices to ease pressure on their margins.
There was a rise in shares of Bharat Petroleum Corporation Ltd (BPCL) by 8.29 per cent. It was very close to touch a month’s high of Rs 687 on the BSE, while Hindustan Petroleum Corp Ltd (HPCL) has also jumped 6.12 per cent to touch a one-month high of Rs 416.55.
There was positive interest in the Indian Oil Corp with the rise up by 6.79 per cent to a one month high of Rs 360.
On the other hand there was a rise by 9 per cent in the Flagship exploration firm Oil & Natural Gas Corp, touching the month’s peak of Rs 297.40. Oil India was trading higher by 6.24 per cent and GAIL (India) was also up by
2.03 per cent.
The all the companies had gained in their stocks, the BSE Oil & Gas index was also 1.97 per cent up and trading at 9,221.89. It was the top performer among the all the indices.
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