Gold hits highest since Nov on uncertain US political landscape Indraprastha Gas, Mahanagar Gas, HPCL hit record highs ahead of Q3 results

Gold hits highest since Nov on uncertain US political landscape Indraprastha Gas, Mahanagar Gas, HPCL hit record highs ahead of Q3 results

Shares of oil marketing companies (OMCs) and city gas distribution companies hit their respective all-time highs on the BSE in otherwise subdued market ahead of October-December (Q3) earnings.

Indraprastha Gas (IGL), Mahanagar Gas (MGL) and Hindustan Petroleum Corporation (HPCL) hit record highs, were up 2% to 4% on the BSE. On comparison, the S&P BSE Sensex was down 0.17% at 28,390 points at 01:05 pm. HPCL, IOCL, MGL and IGL were up 10%-21% in past one month as compared to 6% rise in the S&P BSE Sensex.

MGL, the largest gainer among the pack, was up 3.6% at Rs 937, after rallied 5% to Rs 948 on the BSE in intra-day trade.
The board of directors of the company is scheduled to meet on February 11, 2017, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2016 (Q3FY17). The board will also consider declaration of interim dividend.

“MGL is expected to report another strong quarter in Q3 led by healthy volume and margins. We expect MGL’s spreads to remain firm supported by lower domestic gas prices,” according to analysts at Prabhudas Lilladher. Read More…

Credit By: Business Standard

Leave a Reply

Your email address will not be published.