Oil PSU shares rise up to 4% on diesel price hike
Quotes

Oil PSU shares rise up to 4% on diesel price hike

Last Updated: Monday, March 25, 2013, 18:55
 
 Comment 0
 
Tags: PSUOil PSU sharesONGC
Oil PSU shares rise up to 4% on diesel price hike
Mumbai: Bucking the weak market trend, shares of oil PSUs on Monday rose by as much as 4 percent as diesel price was hiked by 45 paisa per litre last week.

ONGC climbed 2.96 percent to settle at Rs 304.60, while Oil India shot-up by 4.16 percent to Rs 509.60 on the BSE. BPCL moved up by 2.03 percent. In the private sector space, Cairn India closed marginally higher.

Led by gains in these stocks, the BSE oil and gas index ended at 8,463.18, up 0.49 percent.

"Oil PSUs outperformed due to the diesel price hike announcement on Friday reviving sentiments for the sector," said Gautam Sinha Roy, VP - Equity Strategy & Product, Motilal Oswal Securities.

The government had in January authorised state-owned oil firms to hike diesel prices by small doses of up to 50 paisa per litre every month till such time that their losses on the fuel sale are completely wiped out.

Oil firms are likely to end the fiscal with an under- recovery or revenue loss of Rs 1,63,000 crore on diesel, LPG and kerosene sale.

Meanwhile, the BSE benchmark Sensex ended the day 54.18 points down at a new four-month low of 18,681.42.

PTI


First Published: Monday, March 25, 2013, 18:55


Comments


comments powered by Disqus
India`s top ten billionaires
India`s top ten billionaires
Pradhan Mantri Jan Dhan Yojana - In Pics
Pradhan Mantri Jan Dhan Yojana - In Pics
Apple Smartwatch unveiled
Apple Smartwatch unveiled
Apple iPhone 6, iPhone 6 plus
Apple iPhone 6, iPhone 6 plus
Samsung Galaxy Tab 4 Nook
Samsung Galaxy Tab 4 Nook

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved