Oil marketing companies on a roll; HPCL, BPCL, IOC gain
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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.
Analysts expect no subsidy share for upstream oil marketing companies.
Motilal Oswal said that it was confident about nil subsidy sharing for upstream and downstream companies, thereby limiting their FY15 burden.
"We expect the subsidy problem size to reduce significantly and estimate the gross under-recovery to fall by 80 pct in FY16," Motilal Oswal said.
A fall in crude prices has provided further upside, acording to traders.
Oil has fallen more than 1 per cent on Tuesday, ahead of weekly US crude inventory data.
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