Pvt oil cos will now find bulk diesel sales lucrative
Viraj Nair: Mumbai, Jan 19 2013, 01:30 IST
price hike but to a lesser extent, as they are partly compensated through cash subsidies from the government and discounts from oil producers.
Investors largely welcomed the move as the ONGC share surged 7% to Rs 337.50, while Oil India shot up 9% to Rs 561 on Friday on the BSE. State-owned fuel retailers HPCL, BPCL and IOC also gained on the news. RIL and Essar Oil registered more muted gains.
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