SP Tulsian of sptulsian.com told CNBC-TV18, "I have been factoring in a rise of about Rs 3 per litre on diesel. I am not too sure about the LPG cylinder price that can happen by Rs 50, but I have all my doubts for Rs 2 increase in the kerosene. I am not expecting the diesel price hike to be more than Rs 3 per litre and that will definitely be seen positive and it is just a matter of time whether that happens in couple of days or may be in a week."
He further added, "The kind of rupee strengthening in last week or so is really seen very positive for oil marketing companies (OMCs) since the time they have been given a swap arrangement with RBI. On top of it the rupee has strengthened from may be a level of 68 or 69 to now about 63-64 per dollar. It is definitely a big relief and probably that is factoring in, but the increase in the diesel price by about Rs 3 will make these stocks to move further from hereon and these are purely a technical call." "May be Bharat Petroleum Corporation (BPCL) can move to a level of Rs 328-330 and then from there we will again see the stock going into the profit booking mode," Tulsian said.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
