IOC, BPCL, HPCL: OMCs shares on fire post Interim Budget; check key levels

IOC is likely to trade on a bullish note as long as the stock sustains above Rs 165, suggests the daily chart.

Shares of oil marketing companies (OMCs) have registered scintillating gains in the last two trading sessions post the Interim Budget as the government not only reduced the proposed equity infusion in these companies but also postponed it to the next financial year.

In Budget 2023, the government had proposed to infuse capital worth Rs 30,000 crore through equity infusion in FY24. However, in Budget 2024 the government has lowered and postponed the equity infusion to Rs 15,000 crore for FY25.

Analysts believe that the move may be on account of strong earnings by the OMCs in the last two quarters.

That apart, crude