Fall in crude price fuels rally in oil marketing firms
State-run oil refinery stocks were in strong demand after crude oil price declined sharply by $2.50, or 4.3%, to $56.26 per barrel on Thursday, the lowest close since 18 November 2005.
Crude oil had the biggest one-day decline since 17 August 2005. Prices are little changed from a year ago. Speculation that OPEC will exceed its production target and a warmer-than-normal winter will curb US demand caused the latest fall in crude prices.
Oil has slid 6% this week, the largest decline since the week ended 7 October last year.Indian Oil Corporation (up 6.05% to Rs 516.50), HPCL (up 5.70% to Rs 317.50), IBP (up 4.71% to Rs 527) and BPCL (up 4% to Rs 376.20) moved higher.HPCL clocked volumes of 5.81 lakh shares, while IOC notched up 59086 shares on BSE.BPCL saw volumes of 2.47 lakh shares while IBP saw thin volumes of 2150 shares on BSE.
HPCL reported a net profit of Rs 1,222 crore for Q2 September 2006, compared to a net loss of Rs 22 crore in Q2 September 2005. Net sales jumped to Rs 24,367 crore (Rs 16,842 crore).
BPCL reported a net profit of Rs 1,258.50 crore for Q2 September 2006, compared to a net loss of Rs 18.80 crore in Q2 September 2005. Net sales rose 55.6% to Rs 26517.40 crore (Rs 17039.80 crore).
IOC reported a surge in net profit to Rs 3,050.3 crore for Q2 September 2006, as compared to Rs 949.7 crore in Q2 September 2005. Oil bonds worth Rs 7,168 crore were issued in the current quarter. Net sales advanced to Rs 50,598.5 crore (Rs 40,045 crore).
Crude oil had the biggest one-day decline since 17 August 2005. Prices are little changed from a year ago. Speculation that OPEC will exceed its production target and a warmer-than-normal winter will curb US demand caused the latest fall in crude prices.
Oil has slid 6% this week, the largest decline since the week ended 7 October last year.Indian Oil Corporation (up 6.05% to Rs 516.50), HPCL (up 5.70% to Rs 317.50), IBP (up 4.71% to Rs 527) and BPCL (up 4% to Rs 376.20) moved higher.HPCL clocked volumes of 5.81 lakh shares, while IOC notched up 59086 shares on BSE.BPCL saw volumes of 2.47 lakh shares while IBP saw thin volumes of 2150 shares on BSE.
HPCL reported a net profit of Rs 1,222 crore for Q2 September 2006, compared to a net loss of Rs 22 crore in Q2 September 2005. Net sales jumped to Rs 24,367 crore (Rs 16,842 crore).
BPCL reported a net profit of Rs 1,258.50 crore for Q2 September 2006, compared to a net loss of Rs 18.80 crore in Q2 September 2005. Net sales rose 55.6% to Rs 26517.40 crore (Rs 17039.80 crore).
IOC reported a surge in net profit to Rs 3,050.3 crore for Q2 September 2006, as compared to Rs 949.7 crore in Q2 September 2005. Oil bonds worth Rs 7,168 crore were issued in the current quarter. Net sales advanced to Rs 50,598.5 crore (Rs 40,045 crore).
posted by SY at 4:23 PM
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