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Oil marketing firms rally

August 23, 2010

Shares in oil marketing firms like BPCL, HPCL and IOC surged on Monday, helping the BSE Oil & Gas index close marginally in positive.

Shares of such firms rose amid reports that companies have received subsidy from the government to ease selling losses and on expectations that the government may deregulate diesel prices soon.

BPCL ended as the top performer in the index with gains of 11 percent, followed by HPCL which gained 5.3 percent and IOC which rose 3 percent.

Reliance Industries, India’s top listed firm, ended as the top loser in the index, with losses of 1.2 percent.

Do you think such counters would continue to rally?

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