 "OMCs gain on fuel price hike")
Shares of state-owned oil marketing companies (OMCs) such as Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) were trading higher by 2-3% each on the back of a fuel price hike.
These three companies announced a Rs 3.13-a-litre increase in the retail price of petrol and Rs 2.71-a-litre rise in diesel prices with effect from Friday midnight to align the de-regulated domestic prices with the international rates. This is the second straight steep increase in rates this month. CLICK HERE TO READ FULL REPORT.
State-owned fuel retailers revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Among individual stocks, HPCL has gained 3.5% at Rs 624, followed by IOC (up 2.4% at Rs 344) and BPCL (2.2% at Rs 783) on the BSE.
These three companies announced a Rs 3.13-a-litre increase in the retail price of petrol and Rs 2.71-a-litre rise in diesel prices with effect from Friday midnight to align the de-regulated domestic prices with the international rates. This is the second straight steep increase in rates this month. CLICK HERE TO READ FULL REPORT.
State-owned fuel retailers revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Among individual stocks, HPCL has gained 3.5% at Rs 624, followed by IOC (up 2.4% at Rs 344) and BPCL (2.2% at Rs 783) on the BSE.