Oil stocks soar up to 11%, BPCL touches record high

Aug 23, 2010 |

mumbai

Shares of major oil PSUs, BPCL and HPCL, on Monday zoomed as much as 11 per cent on the Bombay Stock Exchange, amid speculations of fuel price hike.

Bharat Petroleum Corporation (BPCL) shot-up nearly 12 per cent to touch an all-time high of Rs 781.05 per stock, on the BSE. It was later quoting at Rs 775.25 per share, up over 11 per cent.

Shares of Hindustan Petroleum Corporation (HPCL) too soared 7.16 per cent to hit a year-high at Rs 545.80 per piece.

"Price hike speculation is doing round in the market. Overall, the outlook has turned better for the oil companies," Unicon Financial Services chief executive officer Gajendra Nagpal said.

Other oil stocks, which set the BSE on fire, were ONGC which was up 2.20 per cent and Indian Oil Corporation up 3.35 per cent. Meanwhile, the broader market Sensex too was trading higher by 30.44 points at 18,432.26.

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