Govt approves Rs 20001cr cash subsidy to OMCs; stocks react

The government approved Rs 20,001 crore in additional cash subsidy to state-owned oil companies to compensate them for selling fuel below cost in 2010-11 fiscal.

Bharat Petroleum Corporation (BPCL) touched an intraday high of Rs 667.70 and an intraday low of Rs 662. At 09:24 hrs the share was quoting at Rs 663, up Rs 3.50, or 0.53%. It was trading with volumes of 10,206 shares.

Hindustan Petroleum Corporation (HPCL) touched an intraday high of Rs 393.30 and an intraday low of Rs 389.60. At 09:24 hrs the share was quoting at Rs 390, up Rs 2.40, or 0.62%. It was trading with volumes of 20,643 shares.

Indian Oil Corporation (IOC) touched an intraday high of Rs 356.60 and an intraday low of Rs 352.10. At 09:24 hrs the share was quoting at Rs 352.55, up Rs 4.10, or 1.18%. It was trading with volumes of 23,235 shares.