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Shares of oil marketing firms jump

July 8, 2010
BPCL | HPCL | IOC

Oil marketing firms posted decent gains on Thursday, with BPCL’s 5.6 percent rise vaulting it to the top of the gainers list in the BSE Oil & Gas Index.

Other firms like IOC, the country’s biggest oil retailer, rose 2.2 percent, while HPCL and Essar Oil ended 3.5 percent and 2.6 percent higher respectively.

The Oil & Gas Index closed 1 percent higher.

IOC does not want fuel prices to be revised too often, its chairman B.M. Bansal said on Thursday.

State-run refiners hope to work out rules for setting market-driven prices of fuel across the country by mid-July, two sources directly involved in the process had said on Wednesday.

Private-sector oil firms, according to one of sources, were expected to meet on Friday.

Does the rally in oil marketing counters after the price deregulation move make them attractive buys?

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