PSU oil companies’ fund rush pushes up rates

In the past five weeks, state-run oil marketing companies including these three raised Rs 28,365 crore by selling shorter-duration commercial papers (CP), about 57% more than the money they raised in the preceding five weeks, show data compiled by JM Financial NSE 1.11 %.

“We can see a rush in CP sales by oil companies,” said Ajay Manglunia, managing director and head of the Investment Grade Group at JM Financial.