OMCs rally up to 7% on improved outlook; HPCL, IOC scale 52-week highs

Shares of oil marketing companies (OMCs) rallied up to 7 per cent on the BSE in Monday’s intra-day trade as rising average gross refining margin, increased sales volume and market share gains have improved the sector’s outlook.

Among the individual stocks, Hindustan Petroleum Corporation (HPCL) rallied 7 per cent to Rs 293.40, while Indian Oil Corporation (IOCL) surged 5 per cent to Rs 96.05 and Bharat Petroleum Corporation (BPCL) gained 4 per cent to Rs 379.85 in the intra-day trade today. HPCL and IOC hit their respective 52-week highs. In comparison, the S&P BSE Sensex was up 0.71 per cent at 65,176 at 12:38 PM.