Falling crude oil price lifts HPCL

DALAL STREET SPIKES

Hindustan Petroleum Corporation (HPCL) rose by 5.79 per cent to close the day at Rs 211.90 on account of crude oil prices falling below the $60-level. Lower crude oil prices, which are currently hovering around the $58-mark, will help reduce under-recoveries of state-run oil marketing companies like HPCL.

Earlier this week, the government had issued oil bonds worth Rs 22,000 crore to state-run oil companies to compensate them partly for selling fuels below production costs. The counter witnessed an intraday high of Rs 216.80 and a low of Rs 201.05, with trading volumes of 258,481 shares.