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OMCs trade in green on slump in crude oil

07 May 2012 Evaluate

Hindustan Petroleum Corporation is currently trading at Rs. 302.20, up by 3.70 points or 1.24% from its previous closing of Rs. 298.50 on the BSE. The scrip opened at Rs. 298.50 and has touched a high and low of Rs. 305.00 and Rs. 298.50 respectively. So far 43702 shares were traded on the counter.

Bharat Petroleum Corporation is currently trading at Rs. 668.05, up by 16.05 points or 2.46% from its previous closing of Rs. 652.00 on the BSE. The scrip opened at Rs. 654.00 and has touched a high and low of Rs. 668.70 and Rs. 654.00 respectively. So far 19502 shares were traded on the counter.

Indian Oil Corporation is currently trading at Rs. 260.10, up by 2.40 points or 0.93% from its previous closing of Rs. 257.70 on the BSE. The scrip opened at Rs. 258.85 and has touched a high and low of Rs. 263.50 and Rs. 258.70 respectively. So far 25012 shares were traded on the counter.

After suffering the biggest weekly percentage loss since the week to September 23, the ruthless selling pressure on crude oil prices have shown little sign of abating as the oil prices furthered their southward journey and got clobbered by over two percent in Asia trades on the week’s first trading session. Sentiments remained bleak as concerns over the Euro-zone debt crisis exacerbated after French and Greek voters ousted respective incumbent parties in a backlash against austerity measures aimed at battling the region’s onerous financial trouble. The fuel prices also remained under pressure amid reports of that the 12-member OPEC is pumping 2.3 million bpd more than its target of 30 million bpd in order to offset a decline in exports from Iran and keep the oil prices under check.

Benchmark crude for June delivery got thrashed by $2.02 or 2% to $96.47 a barrel, after trading as low as $95.34 a barrel, on the New York Mercantile Exchange. In London, June delivery Brent crude got pounded by $1.38 or 1.2% to $111.80 a barrel on the ICE.

BPCL Share Price

312.05 4.05 (1.31%)
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Peers
Company Name CMP
Reliance Industries 1365.10
Indian Oil Corp. 145.85
BPCL 312.05
HPCL 370.95
MRPL 183.20
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