Oil and gas stocks top gainers led by HPCL

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Oil and gas stocks top gainers led by HPCL

New Delhi, Jan 30 (IANS) Oil and gas stocks are the top gainers in trade on Tuesday with the index climbing more than 2 per cent.

HPCL is up 7 per cent, BPCL is up more than 4 per cent, Petronet is up 4 per cent, IOC is up 3 per cent, ONGC (NS:ONGC) is up 2 per cent, GAIL (NS:GAIL) is up 2 per cent.

Hindustan Petroleum Corporation’s (NS:HPCL IN) Q3FY24 adjusted PAT was at Rs 5.3 billion versus our estimates of Rs 23.7 billion, versus adjusted PAT of Rs 1.7 billion in Q3FY23 and PAT of Rs 51.2 billion in Q2FY24. Negative surprise was from higher expenses amid refinery stabilisation and shutdown as also weaker marketing margin due to market share push. YoY earning growth was led by diesel margin recovery, Elara Securities said in a report.

TVR INSTITUTE

Centrum Broking said in a report that GAIL’s robust Q3 performance was buoyed by continued margin expansion in natural gas marketing coupled with positive EBIT contribution from petrochemicals and liquid hydrocarbons segment. Thus, GAIL reported 17.5% QoQ jump in EBITDA at Rs 42.1 billion vs Rs 35.8 billion. Natural gas transmission volumes rose 1.0% QoQ at 121.5mmscmd while natural gas sales rose 1.2% QoQ at 98.1mmscmd. The company operated its petrochemicals plant at 101% capacity utilisation thus turning the performance into positive EBIT contribution from EBIT loss in Q2.

That’s interesting! It sounds like oil and gas stocks are performing well, with Hindustan Petroleum Corporation (HPCL) leading the surge. This could be due to a number of factors:

Rising Oil Prices: Global oil prices have been volatile recently, but if they’re on an upward trend, that could be driving investor interest in oil and gas companies like HPCL.
Company Specific News: Perhaps HPCL released positive financial results or announced a new project that boosted investor confidence in the stock.
Sector Optimism: Maybe there’s an overall positive outlook for the oil and gas sector right now, leading investors to buy into companies like HPCL.

To understand exactly why HPCL and other oil & gas stocks are rising, it would be helpful to look at some financial news sources. Here are some ways to find more information:

Financial News Websites: Check websites like “Economic Times of India: https://m.economictimes.com/” or “Bloomberg: https://www.bloomberg.com/” for articles about oil and gas stocks or HPCL specifically.
Stock Market Websites: Visit financial portals like “Moneycontrol: https://www.moneycontrol.com/” or “https://in.investing.com/” to see HPCL’s stock chart and any recent news affecting the company.

By following these steps, you can get a better understanding of what’s driving the gains in oil and gas stocks, particularly HPCL.