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

Uber's Woes

Uber's Woes

Uber, other taxi-hailing apps hit new roadblock in Delhi.  Full Article 

Transfer Pricing

Transfer Pricing

India's Vodafone decision eases tax worries for Shell, others.  Full Article 

Facebook Earnings

Facebook Earnings

Facebook tops Wall Street revenue target in 4th quarter.  Full Article 

Governance Reforms

Governance Reforms

IMF sets June deadline for progress on governance reforms.  Full Article 

Fed's Stance

Fed's Stance

Fed upbeat on U.S. economy, cites strong job gains.  Full Article 

Tumultuous Run

Tumultuous Run

McDonald's CEO Don Thompson leaving.  Full Article 

Samsung Results

Samsung Results

Samsung Elec's smartphone primacy under threat from Apple after weak Q4.  Full Article 

Reuters India Mobile

Reuters India Mobile

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