At 11.15 am, shares of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd were trading 4.82 per cent, 5.09 per cent and 6.61 per cent lower at Rs 398.10, Rs 878.65 and Rs 890, respectively. The BSE Sensex was trading 116 points lower at 27,750.

According to Reuters, April-June results were influenced by inventory gains but a 23 per cent slump in benchmark Brent QTD means less likelihood of such gains in September quarter.

Refiner Bharat Petroleum Corp Ltd is set to import a rare cargo of Sokol crude from Russia's Far East as it takes advantage of a regional glut to secure cheaper oil.

BPCL bought 1 million barrels of Sokol from Statoil ASA, traders said. It was BPCL's first purchase of the Russian crude grade, according to an industry source with direct knowledge the matter.

Bharat Petroleum Corp Ltd plans to expand its Bina oil refinery in Madhya Pradesh by 30% to 156,000 barrels per day at a cost of about $472 million, its chairman S Varadarajan told Reuters on Monday.

The expansion of the refinery, operated by a joint venture of BPCL and state-owned Oman Oil Co in Madhya Pradesh, will be completed by 2018, he said.

Shares of oil marketing companies (OMCs) were trading higher on the bourses in an otherwise weak market as oil prices fell on fears of a Greek debt default.

Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) were up 1%-2% on the BSE compared to a 1.7% decline in the S&P BSE Sensex at 0939 hours.

Shares of oil marketing companies mainly Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have rallied by up to 6% each on the bourses after the companies reported better-than-expected results for the March 2015 quarter.

HPCL has surged 6% to Rs 674, less than 2% away from its record high of Rs 686 on the NSE, after posting a net profit at Rs 2,162 crore against average analyst estimates of Rs 1,341 crore. The board has recommended a final dividend of Rs 24.50 per share.

State-owned Bharat Petroleum Corp Ltd (BPCL) today said it has raised $500 million through fixed rate unsecured notes to fund its capital expenditure.

"BPCL has launched an issue of $500 million fixed rate unsecured notes due 2025, which were priced on April 29," the company said in BSE filing.

State-run oil marketing companies surged over 4 per cent in intraday trade on Tuesday.

Indian Oil Corp gained as much as 2.48 per cent, Bharat Petroleum Corp was up 4.44 per cent and Hindustan Petroleum Corp surged 4.5 per cent in intraday trade.

Bharat PetroResources Limited, upstream arm of Bharat Petroleum Corporation Limited (BPCL), and Videocon Industries, announced that Petrobras, operator of the block SEAL-M-426 in BM-SEAL-11 Concession, Brazil, had completed assessment of the petroleum potential of the wells located in the ultra-deep waters of the Sergipe-Alagoas Basin.

"The results confirmed the presence of light oil and good productivity of the reservoirs. This drilling identified two reservoir intervals of light oil and gas - the top with a thickness of 44 metres, and the bottom 11 metres thick, the bottom zone being a new discovery for the area," Bharat PetroResources and Videocon said in a filing to an exchange.

Shares of public sector oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have rallied by up to 6% on the Bombay Stock Exchange (BSE).

BPCL surged 4% at Rs 801, also its record high on the BSE, during intra-day trade. IOC rallied 6% to Rs 375, while HPCL gained 4% to Rs 655.

Buy Bharat Petroleum Corp (BPCL) with target price of R887. We use use a 7x target EV/ebitda multiple on an FY16E basis, at a slight discount to the 7.5x multiple we accord to RIL’s cyclical refining and petchem earnings, though there could potentially be upside to these multiples if the marketing business continues to grow structurally driven by deregulation, minimal government intervention, and stable oil demand growth in India, and the companies are successful in establishing a good track record.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.