OMCs log 52-week high on fund raising plan; HPCL, BPCL, IOC gain up to 4%

Shares of state-owned listed oil marketing companies (OMCs) continued their upward movement, hitting 52-week highs on the BSE in Thursday’s intra-day trade on plans to raise fund to meet capital expenditure for their various projects.

Among individual stocks, Hindustan Petroleum Corporation (HPCL) rallied 4 per cent to Rs 302.20, while Indian Oil Corporation (IOC) gained 3 per cent to Rs 98.75 and Bharat Petroleum Corporation (BPCL) was up 2 per cent to Rs 393.35 in the intra-day trade today. In the past five trading days, the stock price of these OMCs have surged between 7 per cent and 13 per cent. In comparison, the S&P BSE Sensex was up 2 per cent during the same period.