OMCs BPCL

OMC stocks like BPCL, HPCL are better placed on the charts; decisive move over their key hurdles could see next leg of upside

Stocks like Bharat Petroleum Corporation and Hindustan Petroleum Corporation linger in bear territory

BPCL, HPCL, and IOC have corrected up to 22 per cent since their highs of July.

IOC said it has resumed work on 64 select projects with a combined allocation of about Rs 21,375 crore

It is being speculated that the Union Cabinet may take up a proposal to privatise BPCL as early as next week.

Last week, international credit rating agency Moody's warned of downgrading Bharat Petroleum Corporation (BPCL) to Ba1, if the government goes ahead with privatisation.

India is considering a plan to sell the nation's second-largest state refiner and fuel retailer to a global oil company, Bloomberg reported

Thus far in the calendar year 2018, HPCL (down 42%), BPCL (down 36%) and IOCL (down 24) have slipped more than 20% against 10% rise in the S&P BSE Sensex.