OMCs extend gains on improved operational performance; IOC hits 52-wk high

Shares of state-owned oil marketing companies (OMCs) continued trading higher on the bourses, gaining up to 3 per cent on the BSE in Tuesday’s intra-day trade, on improved operational performance in the January-March quarter (Q4FY23) on sequential basis.

Hindustan Petroleum Corporation (HPCL) (Rs 263.35), Indian Oil Corporation (IOCL) (Rs 89.92) and Bharat Petroleum Corporation (BPCL) (Rs 371.95) rose 3 per cent each in the intra-day trade today. In comparison, the S&P BSE Sensex was up 0.41 per cent at 61,216 at 12:57 PM.

In the past six months, IOCL, which hit a fresh 52-week high today, has rallied 28 per cent, followed by HPCL (22 per cent) and BPCL (19 per cent).