HPCL, BPCL, IOCL trade firm after government cuts excise duty on fuels

HPCL, BPCL and IOCL have gained between 3% and 4%, extending their past two day's gain on the BSE

Shares of all three state-owned oil marketing companies (OMCs) were trading higher by up to 4% on BSE in early morning trade after the government cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday.

Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation (IOCL) have gained between 3% and 4%, extending their gains for the past 2 days on the BSE.

At 9:43 am, these three stocks were trading higher in the range of 1% to 3%, as compared to 0.18% rise in