HPCL gains on crude fall

DALAL STREET SPIKES

Oil refiner major Hindustan Petroleum Corporation Ltd has been gaining for long, in the wake of continuous fall in the global crude prices. HPCL scrip, along with other oil marketing companies (OMCs), was up five per cent as crude prices dipped to an yearly low of $56.26.

The stock opened at Rs 307.70, hit a high of Rs 322.45 and heard closing bells at Rs 318.80, gaining 5.97 per cent as against yesterday's close of Rs 300.85.

A total of 8,76,906 shares traded compared with a two-week average of 3,72,667. With the fall in the crude prices, the OMCs have offset the subsidy burden and have posted better second quarter results.