Oil companies rally on petrol price hike
Agencies: Mumbai , May 24 2012, 09:48 IST
State-run Indian oil companies rallied after the government allowed them to raise the prices of petrol, though the action was more mixed for auto stocks.
Bharat Petroleum Corp gained 3 per cent, HPCL added 2.3 per cent, while Indian Oil Corp advanced 2.7 per cent.
The impact on auto stocks was more mixed given the proportion of petrol and diesel vehicle sales are different per company.
Maruti Suzuki shares fell 2.6 per cent, while two wheeler makers Bajaj Auto fell 1.5 per cent and Hero MotoCorp lost 1.4 per cent
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