Shares of oil marketing companies such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) hit new all-time highs of Rs 392.70, Rs 726 and Rs 549.95, respectively, in Friday’s trading session.
Shares of IOC were trading up by 0.85 per cent at Rs 384.25 around 1.28 pm (IST). However, other oil retailers HPCL and BPCL were trading down by 1.79 per cent and 0.32 per cent at Rs 533.75 and 707.15, respectively.
Utilisation at IOC’s Paradip refinery jumped to 80 per cent in Dec’16 and 64 per cent in Q3FY17 from 32-43 per cent in Q1-Q2FY17. Use of Paradip-Ranchi pipeline to evacuate products from the refinery is believed to have begun in Jan’17. It would aid further ramp up of the refinery. Read More…
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