February 16, 2016: IOC was up 8%, HPCL up 7%, while BPCL up 4% on the BSE at 10:01 AM. Shares of state-owned oil marketing companies (OMCs) – Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – have rallied by up to 10% on the BSE in early morning trade after these companies reported a strong set of numbers for the quarter ended December 31, 2015 (Q3FY16).
All these companies posted a combined net profit of Rs 55.88 billion in Q3FY16 against net loss of Rs 24.11 billion in the same quarter last fiscal. It had reported an aggregate net profit of Rs 3.68 billion in September 2015 quarter. IOC was up 8% at Rs 394, after surging 10% to Rs 401 on the BSE. The company reported net profit of Rs 30.57 billion in Q3FY16 on higher refining margins, increased profit from petrochemicals and reduced inventory losses. The country’s largest refiner and fossil fuel retailer had posted loss of Rs 26.37 billion in previous year quarter and Rs 3.29 billion in preceding quarter.
During the quarter under review, HPCL posted profit of Rs 10.42 billion against loss of Rs 3.25 billion, while BPCL profit surged nearly three-fold to Rs 14.89 billion from Rs 5.51 billion over the previous year quarter. At 10:01 AM, HPCL was up 7% at Rs 739 and BPCL up 4% at Rs 800 on the BSE as compared to 1.9% rise in the S&P BSE Sensex.
(Source: Business Standard, Indian Oil & Gas, February 16th 2016)
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