BPCL, HPCL rally on falling oil prices
Lower crude oil prices will help reduce oil marketing companies' under-recoveries.
Shares of oil marketing companies such Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) have rallied more than 3% each after Brent crude oil sank to an eight-month low. Lower crude oil prices will help reduce oil marketing companies' under-recoveries.
“Oil prices was down in Asia today after China's economic growth for the first quarter came in below expectations, with sentiment also weighed by forecasts of weaker global demand,” the PTI report suggests.
Among the individual stocks, BPCL has rallied almost 5% to Rs 392, while HPCL and IOC are up 4% each at Rs 310 and Rs 302 respectively on BSE.
“Oil prices was down in Asia today after China's economic growth for the first quarter came in below expectations, with sentiment also weighed by forecasts of weaker global demand,” the PTI report suggests.
Among the individual stocks, BPCL has rallied almost 5% to Rs 392, while HPCL and IOC are up 4% each at Rs 310 and Rs 302 respectively on BSE.