Oil & gas upstream cos gain on higher crude prices
Shares of Indian oil & gas producing companies jumped Monday as the higher crude oil prices improved revenue expectations.
By ET Bureau |
MUMBAI: Shares of Indian oil & gas producing companies jumped Monday as the higher crude oil prices improved revenue expectations. However, shares of oil marketing companies declined on concerns higher crude prices may hamper their profitability.
Crude oil rose to a five-week high of $53 per barrel as US consumer confidence improved and manufacturing shrunk at the slowest pace in seven months, signaling that the recession may end later this year.
At 2:20 pm, BSE Oil & Gas Index was up 3 per cent. Among upstream stocks ONGC jumped 3 per cent, Reliance Industries advanced 4 per cent, Essar Oil surged 6.73 per cent and Cairn India soared 7 per cent.
Among the oil marketing companies, Indian Oil Corp slipped 1.42 per cent, Hindustan Petroleum dropped 1.51 per cent and BPCL skid 1.12 per cent.
Crude oil rose to a five-week high of $53 per barrel as US consumer confidence improved and manufacturing shrunk at the slowest pace in seven months, signaling that the recession may end later this year.
At 2:20 pm, BSE Oil & Gas Index was up 3 per cent. Among upstream stocks ONGC jumped 3 per cent, Reliance Industries advanced 4 per cent, Essar Oil surged 6.73 per cent and Cairn India soared 7 per cent.
Among the oil marketing companies, Indian Oil Corp slipped 1.42 per cent, Hindustan Petroleum dropped 1.51 per cent and BPCL skid 1.12 per cent.
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