SP Tulsian of sptulsina.com told CNBC-TV18, "Indian Oil Corporation stake sale is now happening and probably the price is getting stretched for that. When BPCL corrected to a level of Rs 320 since then we have been seeing the renewed buying coming back, short covering is also seen. I am not seeing any effect on the Hindustan Petroleum but when the two oil marketing companies are moving the relative valuations have to catch up. So, overall positive view on all three OMCs till the IOC stake sale happens."
On January 29, 2014 Indian Oil Corporation ended at Rs 235.45, up Rs 11.95, or 5.35 percent.
The share touched its 52-week high Rs 341.25 and 52-week low Rs 186.20 on 04 February, 2013 and 31 July, 2013, respectively.
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