 "HPCL, BPCL, IOC gain on strong Q3 results")
Shares of state-owned oil marketing companies (OMCs) – Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – have rallied by up to 10% on the BSE in early morning trade after these companies reported a strong set of numbers for the quarter ended December 31, 2015 (Q3FY16).
All these companies posted a combined net profit of Rs 5,588 crore in Q3FY16 against net loss of Rs 2,411 crore in the same quarter last fiscal. It had reported an aggregate net profit of Rs 368 crore in September 2015 quarter.
IOC was up 8% at Rs 394, after surging 10% to Rs 401 on the BSE. The company reported net profit of Rs 3,057 crore in Q3FY16 on higher refining margins, increased profit from petrochemicals and reduced inventory losses. The country’s largest refiner and fossil fuel retailer had posted loss of Rs 2,637 crore in previous year quarter and Rs 329 crore in preceding quarter.
During the quarter under review, HPCL posted profit of Rs 1,042 crore against loss of Rs 325 crore, while BPCL profit surged nearly three-fold to Rs 1,489 crore from Rs 551 crore over the previous year quarter.
At 10:01 AM, HPCL was up 7% at Rs 739 and BPCL up 4% at Rs 800 on the BSE as compared to 1.9% rise in the S&P BSE Sensex.
All these companies posted a combined net profit of Rs 5,588 crore in Q3FY16 against net loss of Rs 2,411 crore in the same quarter last fiscal. It had reported an aggregate net profit of Rs 368 crore in September 2015 quarter.
IOC was up 8% at Rs 394, after surging 10% to Rs 401 on the BSE. The company reported net profit of Rs 3,057 crore in Q3FY16 on higher refining margins, increased profit from petrochemicals and reduced inventory losses. The country’s largest refiner and fossil fuel retailer had posted loss of Rs 2,637 crore in previous year quarter and Rs 329 crore in preceding quarter.
During the quarter under review, HPCL posted profit of Rs 1,042 crore against loss of Rs 325 crore, while BPCL profit surged nearly three-fold to Rs 1,489 crore from Rs 551 crore over the previous year quarter.
At 10:01 AM, HPCL was up 7% at Rs 739 and BPCL up 4% at Rs 800 on the BSE as compared to 1.9% rise in the S&P BSE Sensex.
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