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| Oil stocks surge on deregulation plans |
| BS Reporter / Mumbai May 29, 2009, 16:36 IST |
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The BSE Oil & Gas Index soared 3.3% to 10,419.
HPCL soared 8.5% to Rs 363. IOC surged 7% to Rs 609. ONGC and BPCL added nearly 4% each to Rs 1,176 and Rs 465, respectively.
However, Essar Oil slipped 4.5% to Rs 167.
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Updated at 1230 Hrs:
The BSE Oil & Gas index has shot up on news of oil price deregulation. Petroleum Minister Murli Deora announced that there is no time frame and the proposal for deregulation will go to the Cabinet within six-eight weeks.
The Index today opened 72 points higher at 10,158 and slipped to a low of 10,108. However, following the news, the index soared 440 points (4.5%) to a high of 10,526.
It is now up 405 points (4%) at 10,491.
HPCL soared 12% to a high of Rs 377. The stock is now trading at Rs 359, up 7%. Over 1.15 million shares have been traded on the BSE so far.
ONGC surged 7.5% to a high of Rs 1,215 and is now up 6% at Rs 1,200. Around 426,800 shares have been clocked at the counter so far.
Indian Oil Corporation (IOC) zoomed 14% to touch a high of Rs 650. The stock is now up 10.5% at Rs 630 with 5,41,222 shares traded on the BSE today.
BPCL has rallied 6.5% to Rs 477. Aban Offshore has advanced 4% to Rs 912. Reliance, Reliance Natural Resources and Essar Oil have added over 2% each.
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