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:

Reuters Showcase

Markets Weekahead

Markets Weekahead

Focus on sectors which will build India: Ambareesh Baliga.  Full Article 

FMC-SEBI Merger

FMC-SEBI Merger

Regulatory shakeup could revive commodities markets   Full Article 

Tax Incentives

Tax Incentives

Budget woos foreign investors  Full Article 

Excise Duty

Excise Duty

Cigarette makers fall after budget hikes excise duty  Full Article 

Welcoming the Budget

Welcoming the Budget

India Inc cheers corporate tax cut, simpler rules  Full Article 

Gold Price

Gold Price

Gold prices to rise after budget keeps import duty high  Full Article 

Fuel Prices

Fuel Prices

IOC to raise diesel, petrol prices from Sunday  Full Article 

Moody's on Budget

Moody's on Budget

Budget "credit neutral" from a ratings perspective - Moody's   Full Article 

Reuters India Mobile

Reuters India Mobile

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