Gainers shine

INVESTING INSIGHT

Stocks of most petroleum refining companies moved up in last three months on Bombay Stock Exchange (BSE). Bongaigaon Refinery shot up from Rs 62.75 to Rs 86, up 37.05 per cent.

Kochi Refineries increased from Rs 150.44 to Rs 190.90 up 80.21 per cent and Essar Oil gained from Rs 12.55 to Rs 22.10, up 76.09 per cent.

Chennai Petro gained from Rs 111 to Rs 200.65, up 80.76 per cent, and ONGC from Rs 666.95 to Rs 805.45, up 20.76 per cent. Indian Oil Corp moved up from Rs 375.20 to Rs 437.60, up 16.63 per cent.

HPCL however depreciated from Rs 339.25 to Rs 324.20, down 4.4 per cent.

MRPL moved from Rs 37.79 to Rs 46.90, up 24.10 per cent and Petronet LNG rose from Rs 21.55 to Rs 24.90, up by 15.5 per cent. But BPCL fell from Rs 361.05 on July 1, to today's close of Rs 350.25, down 2.99 per cent on BSE.

The stocks performed well on the back of increased demand for oil products and a further expected rise in the demand in the coming months.

Soaring crude prices aided India's largest company ONGC, as well as refining companies like Chennai Petro, Kochi Refineries and Bongaigaon, which gained from the higher refining margins. However, profits fell for oil marketing companies like HPCL and BPCL.