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Oil marketing firm stocks soar after fuel price hike
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NewsByte on 04 June, 2008 04:46:59
 
Shares of oil marketing firms Wednesday surged over five per cent on the Bombay
Stock Exchange following the government's announcement to hike petrol and diesel
prices by Rs 5 and Rs 3 a litre, respectively.
State-run oil marketing firms - BPCL, HPCL and IOC - witnessed a sharp surge in
their shares after the announcement of the fuel price hike.
BPCL scrip rose to an intra-day high of Rs 371.60, up 5.68 percent as against
Tuesday's close of Rs 351.60 on the BSE. The scrip was trading up 3.88 percent
at Rs 365.25 in the afternoon trade.
HPCL was trading at Rs 256.60, up 3.22 percent and IOC at Rs 443.90 gaining
2.32 percent on the BSE.
The most valued state-run oil producing firm ONGC was trading up 6.26 percent
at Rs 895 in the afternoon trade on the BSE, despite the government announcing
that PSUs like ONGC would chip in Rs 60,000 crore through discounts to oil
refineries and marketing companies.
Private sector behemoth Reliance Industries was trading marginally up at Rs
2,413.
However, oil exploration firm Cairn India dropped over 2 percent at Rs 275.05
and GAIL India, Essar Oil were also trading in the negative territory in the
afternoon trade.
Besides, the 11-scrip BSE Oil and Gas index was trading up 112 points at
10,524.69 in the afternoon.