PSU OMCs gain after petrol price hike

Shares of three public sector oil marketing companies rose by 1.49% to 2.14% at 9:24 IST on BSE after petrol prices were hiked by Rs 1.63 a litre with effect from Saturday, 14 September 2013.

HPCL (up 2.14%), Indian Oil Corporation (up 1.5%) and BPCL (up 1.49%), edged higher.

The S&P BSE Sensex was up 309.87 points, or 1.57% at 20,042.63.

Petrol prices were hiked by Rs 1.63 per litre, the seventh increase since June 2013, on rising oil rates and falling rupee. The increase excludes local sales tax or VAT and came into effect from Saturday, 14 September 2013.

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