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.

hidden February 10, 2012 12:39:41 IST
OMCs rise on cash subsidy, HPCL surges 9%

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.

OMCs rise on cash subsidy HPCL surges 9

HPCL yesterday reported 12-fold jump in net profit at Rs 2,725.18 crore during the October-December period of this fiscal against Rs 211.03 crore in the year-ago period. Reuters

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 .

Reuters

Updated Date:

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