Comments
Despite Indian Oil Corporation reporting a net loss of Rs 330 crore in September compared to an estimated net profit of Rs 380 crore by Nomura, shares of oil marketing companies like Hindustan Petroleum Corporation, Bharat Petroleum Corporation and IOC are trading up 1-2 per cent.
BPCL was up 0.92 per cent or Rs 8.10 at Rs 884.60, HPCL rose 1.85 per cent or Rs 14.55 to Rs 799.05 and IOC rose 1.18 per cent or Rs 4.75 at Rs 406.20 on the BSE in late morning trade.
Nomura expects September quarter to be a difficult one for other two OMCs as well due to robust performance in last two consecutive quarters, fall in crude prices and rupee depreciation. "OMCs were likely to report high inventory/forex losses," it said.
The Japanese brokerage firm sees better times in the medium term due to stable crude oil/rupee, improving Singapore refining margins and recent increase in discounts on crude being offered by OPEC countries to Asian refiners.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.