PSU OMCs advance

Shares of three public sector oil marketing companies rose by 1% to 4.91% at 14:09 IST on BSE after better-than-expected Q4 March results from BPCL and HPCL which were announced yesterday, 28 May 2015.

Among PSU OMCs, HPCL (up 4.91%), BPCL (up 3.1%) and Indian Oil Corporation (up 1%) edged higher.

Meanwhile, the S&P BSE Sensex was up 181.99 points or 0.66% at 27,688.70

HPCL jumped after the company reported better-than-expected Q4 March results after trading hours yesterday, 28 May 2015. HPCL's net profit fell 53.09% to Rs 2162.39 crore on 30.17% decline in total income to Rs 45093.35 crore in Q4 March 2015 over Q4 March 2014. The company's net profit rose 57.65% to Rs 2733.26 crore on 7.37% decline in total income to Rs 207794.60 crore in the year ended March 2015 over the year ended March 2014.

HPCL said that average gross refining margins were reported at $2.84 per barrel in the year ended March 2015 as against $3.43 per barrel during the year ended March 2014. During the current year ended March 2015, subsidy amounting to Rs 636.99 crore (April - March 2014: Rs 635.14 crore) has been accounted at the subsidy rates as approved by the Government.

Based on the approval received from Government of India, the company has accounted for budgetary support amounting to Rs 5057.94 crore for the period April-March 2015 (April-March 2014: Rs 15215.45 crore) against under-recoveries on sale of sensitive petroleum products for the period April-March 2015.

Discount from upstream oil companies in respect of crude oil, PDS Kerosene & Domestic LPG purchased from them, amounted to Rs 10862.21 crore in the year ended March 2015 compared with Rs 16770.77 crore in the year ended March 2014.

BPCL's net profit fell 29.87% to Rs 2852.89 crore on 30.94% decline in total income to Rs 51928.12 crore in Q4 March 2015 over Q4 March 2014. The stock had risen 2.57% to settle at Rs 817.25 yesterday, 28 May 2015, after the company announced better-than-expected Q4 March results during trading hours.

Indian Oil Corporation edged higher ahead of its Q4 March 2015 results today, 29 May 2015.

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