HPCL soars as Indian oil basket touches 3-yr low

DALAL STREET SPIKES

Shares of Hindustan Petroleum Corporation (HPCL) surged by 6.57 per cent to close at Rs 243.45 on reports that Indian crude oil basket reached a three-year low to $43.82 per barrel, after touching a high of $142.04 on July 3 this year. Lower crude oil prices would help reduce the under-recoveries of state-run oil marketing companies such as HPCL.

These firms are hoping the government will revisit the current subsidy sharing mechanism. The stock made an intraday high/low of Rs 245/Rs 226.05, with trading volumes of 2,97,948 shares.