Oil marketers surge on diesel price hike hopes

Thu Jan 17, 2013 4:23pm IST

A worker fills a car with diesel at a fuel station in Ahmedabad September 13, 2012. REUTERS/Amit Dave/Files

A worker fills a car with diesel at a fuel station in Ahmedabad September 13, 2012.

Credit: Reuters/Amit Dave/Files

Related Topics

Stocks

   

Reuters Market Eye - Shares in state-run oil marketing companies surge after the government allows them to set diesel prices, despite uncertainty about the specifics of the announcement.

Hindustan Petroleum Corp (HPCL.NS) gains 8.9 percent, after touching its highest level since October 2011, while Bharat Petroleum Corp (BPCL.NS) gains 5.9 percent, and Indian Oil Corp (IOC.NS) is up 7.8 percent.

HPCL has gained 12.1 percent in 2013, as of Wednesday's close, adding 11.95 billion rupees to its market cap.

"Worst time for refineries companies is by and by coming to an end. Refineries shares are quoting at ridiculous valuation," said Vijay Kedia, director at Kedia Securities, talking about their low valuations.

HPCL ends up 5.4 pct, BPCL ends up 3.7 pct, IOC ends up 6.4 pct.

(Reporting by Abhishek Vishnoi)

FILED UNDER:

SAARC Summit

REUTERS SHOWCASE

Banking Sector

Banking Sector

India's laggard state lenders face tough sell on capital raising plan.  Full Article 

OPEC Oil Talks

OPEC Oil Talks

Saudi, Russia pre-OPEC talks yield no oil output cut  Full Article 

Bird Flu Scare

Bird Flu Scare

India orders culling after bird flu outbreaks in Kerala.  Full Article 

Microsoft in China

Microsoft in China

Microsoft to pay China $140 million for 'tax evasion'   Full Article 

Flashback: 26/11

Flashback: 26/11

The three-day attack in November 2008 left 166 dead.  Slideshow 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage