OMCs rise on cash subsidy, HPCL surges 9%
Shares of HPCL surged over 9 percent in early trade today on frenzied buying buoyed by an over 12-fold jump in net profit for the third quarter ended December 31.
Shares of state-run Indian oil marketing companies rallied on Friday, a day after an official at Hindustan Petroleum Corp Ltd (HPCL) said the finance ministry would reimburse the companies with a cash subsidy of 150 billion rupees for October-December.
HPCL's share of the subsidy will be 33 billion rupees as compensation for selling oil products at state-set cheaper prices.
HPCL on Thursday also posted a higher-than-expected net profit of 27.3 billion rupees in the December quarter.
At 11:44 a.m, Bharat Petroleum Corp was up 2.92 percent at Rs 617, HPCL was 4.52 percent higher at Rs 300.65 and Indian Oil Corp was up 2.58 percent at Rs 278.70 .
Forex traders said weak domestic equities and foreign fund outflows weighed on the local unit and restricted the appreciation bias
The men found on the Alithini II oil tanker at the Las Palmas port on Monday afternoon appeared to have symptoms of dehydration and hypothermia and were transferred to hospitals on the island for medical attention
OPEC+ keeps oil production target unchanged amid uncertainty over impact of Western sanctions on Russia
It is not yet clear how much Russian oil the sanctions measures could take off the global market, which would tighten supply and drive up prices. The world’s no. 2 oil producer has been able to reroute much, but not all, of its former Europe shipments to customers in India, China and Turkey