You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

PSU OMCs tumble as crude oil boils

Capital Market 

Shares of the state-run oil marketing companies fell by 2% to 3.10% at 11:19 IST on BSE after Brent crude prices moved higher.

HPCL (down 3.10%), BPCL (down 2.33%) and Indian Oil Corporation (IOCL) (down 2%) declined.

Meanwhile, the S&P BSE Sensex was down 127.35 points, or 0.35%, at 35,764.17.

In the global commodities markets, Brent for March 2019 settlement was down 78 cents at $54.13 a barrel. The contract jumped $1.11 a barrel or 2.06% to settle at $54.91 a barrel during the previous trading session.

Higher crude oil prices could increase under-recoveries of public-sector undertaking oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 03 2019. 11:15 IST