Page 3 - Indian Refineries

Indian refiners surge as Hurricane Harvey hits US operations

The share price of Indian refining companies saw a spike on Wednesday on likely higher refining margins as globally US refining capacity takes a hit due to Hurricane Harvey.On the BSE, the Hindustan Petroleum Corporation (HPCL) stock gained 3.71 per cent to close at Rs 484.75, Bharat Petroleum Corporation (BPCL) gained 3.18 per cent to Rs 521 and Reliance Industries (RIL) gained 2.12 per cent and closed at Rs 1,564.15, while Indian Oil Corporation (IOC) gained the most at 3.97 per cent to close at Rs 451.85. "The stocks have gained on the expectation of better margins and rightly so, as the US cyclone situation has put out some of US's refining capacities and with low crude prices, this will be a positive impact for Indian refiners," said an analyst with a domestic brokerage firm who did not wish to be identified. GRM is the difference between crude oil price and the combined value of petroleum products produced by a refinery by processing a barrel of oil.With the onset of winters ...