Oil marketing companies dip
DSIJ Intelligence / 12 Dec 2017
The stocks of major oil marketing companies dipped in early trade on Tuesday. HPCL and IOC were trading down by more than 2 per cent due to cuts in global crude supply.
The stocks of major oil marketing companies dipped in early trade on Tuesday. HPCL and IOC were trading down by more than 2 per cent.
UK’s Forties North Sea oil pipeline, which is Britain's largest with a capacity of 4,50,000 barrels per day (bpd) was shut on Monday for maintenance as a hairline crack was detected at an onshore section of the pipeline system. This has caused significant cuts in supplies to the international market.
Following the news, Brent crude oil prices rose to US$ 65 per barrel in the futures market. Crude was last trading at this price in June 2015.
Meanwhile, Indian oil marketing companies including HPCL experienced pressure at Rs. 420.65 per share, down 2.60 per cent, IOC was at Rs. 394.90 per share, down 2.18 per cent, while BPCL was at Rs. 504.50, down by 1.66 per cent. Also paints companies that depend on petroleum byproducts Asian Paints was at Rs. 1,109.95 per share, down by 1.61 per cent and Berger Paints was at Rs. 248.00, down by 1.67 per cent.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.