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 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
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