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BUZZ-India's oil refiners slump on worries GRM, inventory gains coming off
August 12, 2015 / 5:02 AM / 2 years ago

BUZZ-India's oil refiners slump on worries GRM, inventory gains coming off

** Oil refiners lead declines on worries that gross refining margins (GRM) and inventory gains will come off in July-Sept

** Also, April-June results were influenced by inventory gains but a 23 pct slump in benchmark Brent QTD means less likelihood of such gains in Sept-quarter

** Indian Oil Corp down 5.5 pct, Hindustan Petroleum Corp falls 4.8 pct while Bharat Petroleum Corp down 4 pct

** HPCL’s June-qtr GRM came at $8.56/barrel. Indian Oil Corp and BPCL are due to post earnings in next few days (RM: abhishek.vishnoi.thomsonreuters.com@reuters.net)

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