Equity Alert: Oil retailers down as crude prices surge; seen weak
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K.Karthik Raja
Jun 9, 2008, 3:05:11 AM6/9/08
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Equity Alert: Oil retailers down as crude prices surge; seen weak
MUMBAI--10:30AM--Shares of oil marketing companies were down 7-11%
as crude
oil prices Friday jumped over $10 to hit a record high of $139.12 a
barrel on
NYMEX, dealers said.
"There seems to be no point of even the (fuel) price hike that
happened last
week, because if crude prices continue to rise like this, oil
marketing
companies' under recoveries will continue to grow," said a dealer.
Indian Oil Corp and Bharat Petroleum Corp were down around 7% and
8%,
respectively, while Hindustan Petroleum Corp dropped 11%.
IOC is seen drawing support at 350 rupees, while support for HPCL
and BPCL
is seen at 183 rupees and 273 rupees, respectively.
MUMBAI--10:30AM--Shares of oil marketing companies were down 7-11%
as crude
oil prices Friday jumped over $10 to hit a record high of $139.12 a
barrel on
NYMEX, dealers said.
"There seems to be no point of even the (fuel) price hike that
happened last
week, because if crude prices continue to rise like this, oil
marketing
companies' under recoveries will continue to grow," said a dealer.
Indian Oil Corp and Bharat Petroleum Corp were down around 7% and
8%,
respectively, while Hindustan Petroleum Corp dropped 11%.
IOC is seen drawing support at 350 rupees, while support for HPCL
and BPCL
is seen at 183 rupees and 273 rupees, respectively.
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