OMCs extend post earnings rally; HPCL, BPCL, IOCL soar up to 39% in 1-mnth

For OMCs, FY24 is turning out to be the best year in terms of earnings, despite the upcoming general elections, according to analysts.

Shares of oil marketing companies continued their northward journey, hitting respective fresh 52-week highs on the bourses post reporting healthy earnings for the quarter ended September 2023 (Q2FY24).

Among individual stocks, Hindustan Petroleum Corporation (HPCL) surged 7 per cent to Rs 341.35, while, Indian Oil Corporation (IOCL) gained 5 per cent at Rs 108.59 and Bharat Petroleum Corporation was up 4 per cent at Rs 425.95 on the BSE in Tuesday’s intra-day trade. In comparison, the S&P BSE Sensex was up 0.21 per cent at 66,111 at 02:30 PM.

In past one month, the stock price of HPCL