Oil companies' shares surge on diesel price hike

In a bold reforms decision, the government had on Thursday partially deregulated diesel price allowing a hike of 40-50 paise a litre per month for retail customers and nearly Rs 11 for bulk consumers.

The author has posted comments on this articlePTI | Jan 18, 2013, 09.53AM ISTMUMBAI: The BSE benchmark Sensex on Friday gained over 123 points in early trade on sustained buying in ONGC and RIL as government has virtually deregulated diesel prices in a key economic reform measure.

The 30-share barometer rose 123.75 points, or 0.62 per cent, to 20,087 with stocks of oil and gas, auto, PSUs, metal and banking sectors extending support.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 36.90 points, or 0.61 per cent, to 6,076.10.

In a bold reforms decision, the government had on Thursday partially deregulated diesel price allowing a hike of 40-50 paise a litre per month for retail customers and nearly Rs 11 for bulk consumers.

Shares of ONGC were trading at Rs 348.10 apiece, up 10.68 per cent in the early morning trade, RIL rose 897.30, up 7.65 per cent.

Among Asian markets, Hong Kong's Hang Seng rose by 0.74 per cent, while Japan's Nikkei shed 0.2.50 per cent.

Source: http://timesofindia.feedsportal.com/fy/8at2EuK0j0dyh3vA/story01.htm

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