Oil marketing companies gain; BPCL rises 15 pc
Mar 31, 2020, 18:54 IST
New Delhi, Mar 31 () Shares of oil marketing companies, led by Bharat Petroleum, on Tuesday zoomed up to 15 per cent owing to a fall in crude prices.
Bharat Petroleum Corporation Ltd (BPCL) advanced 15.07 per cent to Rs 316.05, Hindustan Petroleum Corporation Ltd (HPCL) jumped 13.12 per cent to Rs 190.15 and Indian Oil Corporation Ltd (IOCL) gained 6.66 per cent to close at Rs 81.65 on the BSE.
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"Today (on Tuesday), share price of BPCL and HPCL are up owing to fall in crude prices to near 18-year low (crude oil price slipped below USD 20 per bbl). Fall in crude prices leads to an increase in net marketing margins of BPCL, HPCL, and IOCL," Yogesh Patil, research analyst, Reliance Securities, said.
The BSE's oil and gas index was the top gainer in the deck, rising 8.72 per cent.
Meanwhile, in the equity market, the 30-share BSE Sensex closed in the positive territory, ending 1,028.17 points or 3.62 per cent higher at 29,468.49. SUM HRS(This story has not been edited by www.businessinsider.in and is auto–generated from a syndicated feed we subscribe to.)