Shares of all three listed oil marketing companies (OMCs) - Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum are trading higher by over 2% in early morning deals after Reserve Bank of India (RBI) has opened a special window to meet the entire daily dollar requirements of these companies.
These three OMCs are the biggest buyers of dollars, requiring $8-8.5 billion every month, for the import of an average of 7.5 million tonnes of crude oil.
Under the facility, RBI will undertake to sell/buy the dollar-rupee forex swaps for a fixed tenure with the companies through a designated bank from the central bank. The facility is with immediate effect and is to remain in place until further notice, it said.
Among the individual stocks, Indian Oil up 3.4% at Rs 214, followed by Hindustan Petroleum and Bharat Petroleum are up nearly 3% each at Rs 169 and Rs 277 respectively, on BSE.
These three OMCs are the biggest buyers of dollars, requiring $8-8.5 billion every month, for the import of an average of 7.5 million tonnes of crude oil.
Under the facility, RBI will undertake to sell/buy the dollar-rupee forex swaps for a fixed tenure with the companies through a designated bank from the central bank. The facility is with immediate effect and is to remain in place until further notice, it said.
Among the individual stocks, Indian Oil up 3.4% at Rs 214, followed by Hindustan Petroleum and Bharat Petroleum are up nearly 3% each at Rs 169 and Rs 277 respectively, on BSE.