Oil marketing company scrips shoot up after price hike

Mumbai, June 25 (IANS) Scrips of oil marketing and exploring companies shot up after the government Friday freed fuel prices and hiked the rates for petrol, diesel, kerosene and cooking gas to boost their revenues.

At the Bombay Stock Exchange (BSE), oil marketing firm Bharat Petroleum Corp (BPCL) soared 15.29 percent to touch the intra-day high of Rs.634.85, but closed lower at Rs.616.50.

Another downstream company Hindustan Petroleum Corp (HPCL) was up a whopping 18.7 percent in afternoon trade at Rs.411.50, but dipped later to close at Rs.399.75.

Indian Oil Corp’s stock too rose significantly to Rs.390.50, moving up 14.2 percent during the day, and closed at at Rs.373.45.

The state run up-stream companies too saw heavy buying with the sectoral major ONGC’s stock shooting up 8.6 percent to Rs.1,290.90. It closed the day at Rs.1,263.95.

Oil India too rose to Rs.1,395.95, up 7.37 percent from its previous close, but slipped to end the day at Rs.1,343.90.

Petrol prices were hiked by Rs.3.50 per litre and diesel prices by Rs.2 per litre. Kerosene prices were up by Rs.3 a litre, while that of cooking gas by Rs.35 a cylinder.

Leave a Reply

Your email address will not be published. Required fields are marked *