Hindustan Petroleum shares rise 14 percent

Bangalore: The oil stocks in BSE have welcomed the government's decision to raise fuel prices and Hindustan Petroleum shares went up to nearly 14 percent today. After starting the day at Rs. 355, the stock touched its day high of Rs. 411.50, before closing trade at Rs. 352.85, with a gain of 13.66 percent. Through the day, 67,55,299 shares of Hindustan Petroleum were traded in the market. The 52 week stock price chart is on the left.

The government announced that petrol and diesel will now cost Rs. 3.50 and Rs. 2 per litre more respectively, while households will have to pay Rs. 35 more per cylinder. Kerosene will be dearer by Rs. 3 a litre from Friday.

Hindustan Petroleum is an India-based integrated oil refining and marketing company. The Company operates in two business segments: Downstream, and exploration and production of hydrocarbons. The Downstream segment is engaged in refining and marketing of petroleum products. The Company has two refineries located at Mumbai and Vishakapatnam. HPCL holds an equity stake of 16.95 percent in Mangalore Refinery and Petrochemicals.

Currently, 24 analysts are following the stock. While six analysts are saying that the stock will underperform, five analysts are recommending buying the stock.