Oil marketers surge on diesel price hike hopes
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)
- Tweet this
- Share this
- Digg this
- Fears for tough penalties grow as India cleans up business
- India warns Pakistan of more pain in Kashmir fighting
- No fear of deflation: Indian consumers respond to softer oil, food prices
- Giving pricey hepatitis drug to prisoners may be financially wise
- New Jerusalem find may shed light on Jewish revolt against Romans
India's biggest listed property company on Wednesday appealed for interim relief from a three-year ban from accessing capital markets by the regulator. Full Article