Shares of state-owned oil marketing companies (OMCs) are on a roll with the three listed companies – Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) trading at their respective 52-week highs on expectations of higher earnings growth going ahead.
IOC has rallied nearly 6% to Rs 413, while HPCL has surged 4% to Rs 771 and BPCL has gained 2% at Rs 907 on the Bombay Stock Exchange (BSE). BPCL and HPCL are quoting at their record highs on the BSE.
Shares of oil marketing companies (OMCs) were in focus and trading higher on the bourses in otherwise subdued market after these companies announced Rs 0.64 a litre increase in petrol prices and a Rs 1.35 per litre cut in diesel prices to align the domestic rates with global price benchmarks.
At 0953 hours, Hindustan Petroleum Corporation (HPCL) was up 2.3% at Rs 710, also its 52-week high on the BSE. Indian Oil Corporation (IOC) up 2% at Rs 361 and Bharat Petroleum Corporation (BPCL) up 1.6% at Rs 847.
Shares of oil marketing companies mainly Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have rallied by up to 6% each on the bourses after the companies reported better-than-expected results for the March 2015 quarter.
HPCL has surged 6% to Rs 674, less than 2% away from its record high of Rs 686 on the NSE, after posting a net profit at Rs 2,162 crore against average analyst estimates of Rs 1,341 crore. The board has recommended a final dividend of Rs 24.50 per share.
JAIPUR: The refinery project would generate cash surplus for Hindustan Petroleum Corporation (HPCL) even without the Rajasthan government financial assistance of Rs 3,736 crore annually to the company for 15 years. The findings that have come out in the preliminary report of PwC has firmed up the state government stand for refusing to extend interest-free loan to HPCL.
From starting of operations, the profit earned by the main promoter HPCL would be above Rs 2,000 crore annually. Except in the second year, where cash surplus is estimated to be Rs 1500 crore, the company is expected to register increase in net profits every year.
Shares of all three listed state-owned oil marketing companies – Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) are trading higher between 1-3% on BSE after Brent crude dropped to $48.44 a barrel.
Brent crude oil futures edged higher after big losses in the previous session, after China took steps to pour fresh liquidity into the world's second-biggest economy to spur activity. Brent for March settlement was up 50 cents at $54.66 a barrel.
Shares of state-owned oil marketing companies such as Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum were up 1-3% each gained in an otherwise weak market as global crude oil prices dropped to fresh 51/2 year lows today.
Lower crude oil prices would help reduce the under-recoveries on sale of subsidised cooking fuels such as kerosene and LPG gas for domestic use.
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