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HINDPETRO - Hindustan Petroleum News Story

₹300.55 2.8  0.9%

Last Trade - 02/12/21

Large Cap
Market Cap £4.23bn
Enterprise Value £7.68bn
Revenue £32.86bn
Position in Universe 121st / 3178

BUZZ-Indian energy firms climb as oil prices rise to 3-year high

Tue 5th October, 2021 5:49am
** Shares of Oil India  OILI.NS  rise 4.3%, Oil and Natural
Gas Corp  ONGC.NS  climbs 6.7% to a more than 2-year high
    ** Oil prices hit their highest levels in at least 3 years,
extending gains from the previous session, after the world's
major producers decided to keep a cap on crude supplies  O/R 
    ** Brent crude  LCOc1  up by 40 cents or 0.5% at $81.66 a
barrel by 0341 GMT, having risen 2.5% Monday
    ** Higher oil prices have stoked inflationary pressures as
economies recover from the pandemic, but will benefit crude
producers like OILI and ONGC
    ** Shares of Indian refiners Indian Oil  IOC.NS  and HPCL
 HPCL.NS  also rise 3.0%-3.4% on hopes of inventory gains, which
are booked when oil prices rise by the time the co refines the
crude and sell the fuel
    ** Separately, Fitch said the Indian government's gas price
increase was positive for upstream producers
    ** Nifty Energy index  .NIFTYENR  up ~38% YTD up to last
close, vs a 26.5% rise in the NSE Nifty 50  .NSEI 

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))
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