MARKET EYE-Indian oil marketers surge on diesel price hike hopes

Thu Jan 17, 2013 2:56pm IST

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Stocks

   

* Shares in India's 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 gains 8.9 percent, after
touching its highest level since October 2011, while Bharat
Petroleum Corp gains 5.9 percent, and Indian Oil Corp
 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.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)
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