OMCs trade firm in a range-bound market; IOC, HPCL, BPCL surge up to 5%

After two tight quarters of profit-margin shrinkage due to global volatility, Indian OMCs are expected to see reduction in operational losses in the October-December quarter (Q3FY23).

Shares of state-owned oil marketing companies (OMCs) were firm as they gained up to 5 per cent in Wednesday’s intra-day trade, in an otherwise range-bound market.

Shares of Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOCL) were up in the range of 3 per cent to 5 per cent in Wednesday's intra-day trade. In comparison, the S&P BSE Sensex traded 0.10 per cent higher at 60,175 at 12:08 PM.

In the past three months, IOCL (up 25 per cent), HPCL (up 22 per cent) and BPCL (up 19 per cent) outperformed the S&P BSE