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
Latest posts by Business-Standard.com (see all)
- 100 pc mechanised cleaning going to be a reality in Railways: Piyush Goyal - February 22, 2019
- Coal mine 10-day stir shrinks NTPC Kaniha generation by 40% - February 21, 2019
- ONGC To Bid Out 54 Fields To Private Sector Companies In Six Months - February 21, 2019