OMCs in focus as crude oil hits 1-year low; BPCL, HPCL surge up to 5%

With this decline in crude prices analysts expect marketing margins of HPCL, BPCL and IOCL to improve further.

Shares of state-owned oil marketing companies (OMCs) were in focus on Thursday, rallying up to 5 per cent on the BSE in an otherwise volatile market after crude oil prices fell over 6 per cent overnight. The oil prices quoted at the lowest level since more than a year due to recent fears related to the banks in the US and Europe.

Following fall in crude oil prices, the stock price of Bharat Petroleum Corporation (Rs 346.35) and Hindustan Petroleum Corporation (Rs 241.45) rallied 5 per cent each, while Indian Oil Corporation was up 2 per cent at Rs