Oil marketing company scrips shoot up after price hike
June 25th, 2010 - 5:35 pm ICT by IANSMumbai, June 25 (IANS) Scrips of oil marketing and exploring companies shot up after the government Friday freed fuel prices and hiked the rates for petrol, diesel, kerosene and cooking gas to boost their revenues.
At the Bombay Stock Exchange (BSE), oil marketing firm Bharat Petroleum Corp (BPCL) soared 15.29 percent to touch the intra-day high of Rs.634.85, but closed lower at Rs.616.50.
Another downstream company Hindustan Petroleum Corp (HPCL) was up a whopping 18.7 percent in afternoon trade at Rs.411.50, but dipped later to close at Rs.399.75.
Indian Oil Corp’s stock too rose significantly to Rs.390.50, moving up 14.2 percent during the day, and closed at at Rs.373.45.
The state run up-stream companies too saw heavy buying with the sectoral major ONGC’s stock shooting up 8.6 percent to Rs.1,290.90. It closed the day at Rs.1,263.95.
Oil India too rose to Rs.1,395.95, up 7.37 percent from its previous close, but slipped to end the day at Rs.1,343.90.
Petrol prices were hiked by Rs.3.50 per litre and diesel prices by Rs.2 per litre. Kerosene prices were up by Rs.3 a litre, while that of cooking gas by Rs.35 a cylinder.
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- Fuel prices hiked in Pakistan - Apr 01, 2012
- Diesel, cooking gas and kerosene prices hiked (Lead) - Jun 24, 2011
- Pakistan reduces petroleum prices - Jul 01, 2011
- Government compelled to hike fuel price: Reddy - Aug 04, 2011
- Government to decide on diesel, LPG price hike Friday - May 24, 2012
- Oil companies to bear Rs.121,571 crore under-recoveries: Reddy - Oct 19, 2011
- No government role in petrol price hike: Pranab - Nov 05, 2011
- Oil firms mulling another price hike - Nov 01, 2011
- BJP protests petrol price hike in Madhya Pradesh - Dec 15, 2010
- No alternative to petrol price hike: Deora - Jan 17, 2011
- No option was left but to hike fuel prices: PM - Aug 15, 2010
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