Hind Oil rises with crude prices

DALAL STREET SPIKES

Hindustan Oil Exploration stock surged on strong buying support. The stock witnessed renewed buying on back of a surge in global oil prices, major global merger activity in the oil exploration sector and the company's announcement of its oil reserves.

The stock ended 20 per cent higher on the back of strong volumes. The stock has been witnessing hectic activity of late. From a low of Rs 84.10 on March 29, 2005, the stock spurted to Rs 141.05 on Tuesday.

In the past three trading sessions, the stock clocked heavy volumes. The daily volumes in the stock on BSE hovered between 13.6 lakh shares to 26.5 lakh shares in three trading sessions between March 31, 2005, to April 4, 2005.

A sector analyst with a domestic broking firm said, oil exploration companies are witnessing renewed buying interest of late as they are expected to benefit substantially from the surging global crude oil prices.