Oil and gas stocks rise after price hike

Wednesday, June 30, 2010
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Mumbai: Oil and gas stocks continued their rally and rose over two percent on the Bombay Stock Exchange after the government's decision to hike fuel prices. The BSE's Oil and Gas index climbed 2.15 percent or 228 points to touch a high of 10,832.22 points. On June 25, the Government increased fuel prices - petrol by Rs. 3.50 a litre and diesel by Rs. 2 per litre, LPG by Rs. 35 a cylinder and kerosene by Rs. 3 a litre. State-run ONGC rose over five percent to touch a year-high of Rs. 1,330.80 and Oil India also touched its 52-week high of Rs. 1,557.65, up 12.67 percent. Other, oil and gas stocks, which were up on the bourse, include Cairn India up 1.38 percent at Rs. 315.90, Essar Oil up 4.46 percent at Rs. 143.90. The country's most valued firm Reliance Industries Ltd was trading up 1.31 percent at Rs. 1,077.15 and RNRL 00.91 percent at Rs. 66.55. BPCL was quoting at Rs. 647, up 4.13 percent, HPCL at Rs. 430.65, up 7.38 percent from the previous close, while Aban Offshore was up 1.61 percent at Rs. 764.80. Meanwhile, Gail India, which touched its year-high of Rs. 516.85 on Friday, was quoting down 1.41 percent at Rs. 475.95.
Source: PTI
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