HPCL, BPCL, IOC rally on hopes for fuel price hikes
MUMBAI (Reuters) - Shares in state-run oil companies extended a recent rally on Monday on growing expectations the government will gradually raise the prices for diesel and liquefied petroleum gas, traders said.
Hindustan Petroleum Corp rose 5.5 percent, while Bharat Petroleum Corp gained 4.6 percent. Indian Oil Corp rose 1.9 percent.
Fuel subsidies in India are borne by the government, marketing and refining companies, as well as explorers.
(Reporting by Abhishek Vishnoi, Manoj Dharra; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
The BSE Sensex rose more than 1 percent on Thursday to its highest close in a month as stocks of blue chip companies such as ICICI Bank surged after exit polls predicted a strong showing for the key opposition party in state elections held recently. Full Article