Shares of state-owned oil refiners rallied by up to 5% on BSE in intra-day trade on report that the government will end subsidy on kerosene.
Indian Oil Corporation (IOC) gained 5% to Rs 388, while Hindustan Petroleum Corporation (HPCL) surged 4.4% to Rs 401 and Bharat Petroleum Corporation (BPCL) rose 3% to Rs 499 on BSE in intra-day trade. On comparison, the S&P BSE Sensex was down 159 points or 0.49% at 32,318 at 10:25 am.
The government has asked them to raise prices of subsidised kerosene prices by 0.25 paise every fortnight until the subsidy is eliminated, or until further orders, an Economic Times report suggests. Read More…
Credit By : Business Standard
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