PSU OMC stocks slip; BPCL bucks trend ahead of Q2 nos

The Govt hiked excise duty on petrol by Rs.1.60 per litre and on diesel by 40 paisa a litre in a bid to raise additional revenue to meet budgetary targets.

Shares of oil marketing companies slipped after the Govt has hiked excise duty on petrol by Rs.1.60 per litre and on diesel by 40 paisa a litre in a bid to raise additional revenue to meet budgetary targets. The basic excise duty on unbranded petrol has been hiked from Rs.5.46 per litre to Rs.7.06 a litre, according to a CBEC notification.

HPCL and IOC are marginally lower at Rs. 785 and Rs. 412 respectively.

BPCL gained 0.6% at Rs.902 on BSE. The company is scheduled to announce its September quarter earnings today. The scrip opened at Rs. 886 and has touched a high and low of Rs. 905.45 and Rs. 879.45 respectively. So far 377900(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 64780.74 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 987 on 23-Jul-2015 and a 52 week low of Rs. 622.45 on 15-Dec-2014. Last one week high and low of the scrip stood at Rs. 899.35 and Rs. 862 respectively.