Oil Marketing Companies (OMC) shares continued to continue on Thursday as crude oil prices reached a six -month low of crude oil (crude oil) in the international market. This has strengthened the trust of investors of these companies. According to PTI news, crude oil prices have been living below $ 70 per barrel after the OPEC-Plus decision to increase production since April. This is expected to benefit Indian refiners with additional marketing margin on retail fuel.
Companies shares jumped
According to the news, HPCL (Hindustan Petroleum Corporation Limited) shares increased by Rs 4.85 per cent to Rs 342.30 per share on BSE, 3.68 per cent of IOCL (Indian Oil) increased by Rs 126.75 per share and BPCL (Bharat Petroleum Corporation) increased by Rs 264.20 per share. Not only this, the shares of airline companies also gained momentum. SpiceJet’s stock rose by 3.90 percent to Rs 50.35 per share and the share of Interglobe Aviation (IndiGo) rose by 1.74 percent to Rs 4,776 per share.
Painted companies also have an impact
Shopping was also seen in the shares of the important consumer paint industry of oil. Burzer Paints shares rose by 3.05 per cent to Rs 498.95, Asian paints rose 2.84 per cent to Rs 2,226.65, Indigo paints rose 3.15 per cent to Rs 1,051.65 and Kansai Nerolca rose by 1.73 per cent to Rs 232.70. Tire manufacturers who use a significant part of oil in the form of raw materials also saw a strong boom. Apollo Tires shares rose 4.38 per cent to Rs 407, CAET rose 3.88 per cent to Rs 2,654.60, Balakrishna Industries rose 2.31 per cent to Rs 2,550. MRF 1. 91 percent rose to Rs 1,07,862 and JK Tire Industries increased by 61 percent to 273. 25 per share.
What do experts say
Vice President Commodities of Mehta Ecuviums Limited, Rahul Kalant said that crude oil prices continued to fall in international markets and it reached a 6 -month low, as the tariff war intensified and both China and Canada retaliated by putting tariffs on American goods. The increase on the trade war front has increased the concerns of global demand, increasing pressure on oil prices. Crude oil prices declined after OPEC+ said to increase production from April. However, weakness in the dollar index and better figures of China’s manufacturing PMI can support oil prices at lower levels.
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(Tagstotranslate) Crude oil (T) Crude Oil Price (T) Crude Oil Price Down (T) Oil Marketing Companies Share Price (T) HPCL (T) HPCL Share Price (T) HPCL (T) BPCL (T) BPCL (T) BPCL Share Price (T) IOCL (T) IOCL Share Price (T) OMC SHARE PRICES
