BPCL, HPCL, IOC surge on price hike hopes
Shares of oil marketing companies surged on expectations that price hike may be on the cards.
By ET Bureau |
MUMBAI: Shares of oil marketing companies surged higher on expectations that the price hike may be on the cards. BPCL and HPCL were trading at 52-week highs.
After the government deregulated petrol prices in June, the OMCs had decided to carry-out monthly review of oil prices before announcing any change in oil prices.
Early this month, oil prices had shot up to $82.97 per barrel raising doubts that the company may go ahead with the first hike. However, the prices have cooled down 10 per cent on concerns of economic recovery in the US since then.
According to some analysts, the companies may not hike the price immediately due to correction in prices from higher levels.
Meanwhile, BPCL’s, exploration arm, Bharat PetroResources has entered into an agreement with Australia's Norwest Energy to pick up a stake in two shale gas blocks in the Perth Basin.
At 11:25 am, shares of BPCL were at Rs 760.05, up Rs 61.35 or 8.78 per cent. It touched 52-week high of Rs 780.70 in trade so far.
HPCL were at 52-week high of Rs 545.30, up Rs 34.95 or 6.85 per cent on the NSE.
Shares of IOC surged to Rs 409.15, up Rs 16.70 or 4.26 per cent on the NSE. It touched intraday high of Rs 413.90 and low of Rs 392.20.
After the government deregulated petrol prices in June, the OMCs had decided to carry-out monthly review of oil prices before announcing any change in oil prices.
Early this month, oil prices had shot up to $82.97 per barrel raising doubts that the company may go ahead with the first hike. However, the prices have cooled down 10 per cent on concerns of economic recovery in the US since then.
According to some analysts, the companies may not hike the price immediately due to correction in prices from higher levels.
Meanwhile, BPCL’s, exploration arm, Bharat PetroResources has entered into an agreement with Australia's Norwest Energy to pick up a stake in two shale gas blocks in the Perth Basin.
At 11:25 am, shares of BPCL were at Rs 760.05, up Rs 61.35 or 8.78 per cent. It touched 52-week high of Rs 780.70 in trade so far.
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HPCL were at 52-week high of Rs 545.30, up Rs 34.95 or 6.85 per cent on the NSE.
Shares of IOC surged to Rs 409.15, up Rs 16.70 or 4.26 per cent on the NSE. It touched intraday high of Rs 413.90 and low of Rs 392.20.
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