The market capitalisation of the refineries sector has increased by over Rs 10,000 crore in the last five trading sessions on the National Stock Exchange.
The total market capitalisation of the eight refineries increased from Rs 99,696 crore on May 16, 2003 to Rs 1,09,709 crore on May 23. The sector accounts for 72 per cent of the increase in total market capitalisation.
The Oil and Natural Gas Corporation of India (ONGC) was the largest gainer with a total Rs 7,194 crore increase in market capitalisation in a week, from Rs 56,716 crore to Rs 63,910 crore.
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The stocks of retail oil marketing companies are moving northwards on hopes that their financial performance in the quarter ended June 2003 is widely expected to outshine their performance in the previous quarters.
Indian Oil Corporation (IOC) was the second largest gainer with Rs 2,706 crore increase in market capitalisation from Rs 21,740 crore to Rs 24,446 crore, followed by Bharat Petroleum Corporation of India (BPCL) which gained Rs 281 crore to Rs 7,542 crore, Chennai Petroleum by Rs 168 crore to Rs 816.50 crore and Bongaigaon Refinery by Rs 143 crore to Rs 627 crore.
Hindustan Petroleum Corporation Ltd (HPCL) was the sole loser with a decline in market capitalisation of Rs 648 crore to Rs 9,822 crore. HPCL