Govt to compensate OMCs; stocks up

The government today sought Parliament's nod for the sanction of an additional Rs 79,590 crore to meet extra expenses related to oil and fertiliser subsidies during the current fiscal, over and above the funds allocated earlier.

This includes an additional Rs 21,000 crore for compensating the oil marketing companies for under-recoveries on the sale of sensitive petroleum products, according to the third supplementary demands for grants tabled in the Lok Sabha.
 
At 14:43 hrs Bharat Petroleum Corporation was quoting at Rs 586.30, up Rs 15.55, or 2.72%.

At 14:43 hrs Hindustan Petroleum Corporation was quoting at Rs 333.65, up Rs 10.20, or 3.15%.

At 14:43 hrs Indian Oil Corporation was quoting at Rs 318.00, up Rs 5.95, or 1.91%.

with inputs from Reuters