Reliance subdued on Q3 eve, HPCL, BPCL, IOC close 5-10% up

Moneycontrol Bureau

Ahead of its December quarter earnings announcement later in the day, Reliance Industries (RIL) closed the day at Rs 898.95  up 1.05%..

On the other hand, Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum rose between 5-10% after the government allowed them to raise diesel price in small quantum and in phases till the time they make up their losses.

Oil companies have, however not announced the quantum of the hike but on an average the price of the fuel has gone up by around 50 paise/litre  at various fuel stations.

The announcement has relieved oil marketers which are currently losing around Rs 9 on every litre of diesel they sell. The fuel hike demand was long pending and in September last year,  oil firms has raised it by Rs 5.63 per litre which was insufficient in a scenario when their total under-recoveries on diesel alone was estimated to be around Rs 90,000 crore.

Meanwhile, Indian Oil Corp closed the day at Rs 348, up 10.43%, BPCL was also up 9.64% to Rs 434.05. HPCL also climbed  4.99% to Rs 362.85