Indian Cooking Gas Suppliers Rise After Government Raises Prices

RefinitivLess than 1 min read

** Shares of Indian state-owned cooking state suppliers Indian Oil Corp Ltd IOC, Bharat Petroleum Corp Ltd BPCL, and Hindustan Petroleum Corp Ltd HINDPETRO emergence 1.7%, 2.7% and 2.5%, respectively

** India raised prices of cooking state by 50 rupees per cylinder connected Monday to thief compensate firms for mislaid gross worthy 413.8 cardinal rupees ($4.81 billion)

** Oil Minister Hardeep Singh Puri said nan cos had been trading cooking state locally beneath marketplace rates

** With lipid prices trending lower, J.P.Morgan says BPCL, IOC best-placed successful existent macro environment

** Adds, should lipid enactment beneath $70 a barrel, margins would proceed to grow sequentially contempt higher taxes

** All 3 stocks rated "buy" connected avg - information compiled by LSEG

** BPCL's ~4% YTD nonaccomplishment slightest successful pack, followed by IOC's 4.5% driblet and HPCL's ~12% slump

($1 = 85.9725 Indian rupees)