OMCs trade weak in firm market; Indian Oil down 5% intra-day

BPCL and HPCL were down in the range of 1%-2% against 0.54% gain in Sensex.

Shares of state-owned oil marketing companies (OMCs) such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have dipped by up to 5% on BSE in intra-day trade in otherwise firm market.

IOC has dipped 5% to Rs 416 after the company reported 85% year-on-year growth in its standalone net profit at Rs 3,721 crore in March quarter (Q4FY17), mainly on account of higher other income and tax reversals. The company had posted profit of Rs 2,006 crore in year ago quarter and Rs 3,995 crore in December quarter.

“Even as we believe