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Shares of state-owned oil marketing are seen trading rangebound with a positive bias next week taking cues from the rupee-dollar movement and marginal decline in crude oil prices. State-owned oil companies Bharat Petroleum Corp and Hindustan Petroleum Corp, which reported their Jul-Sep earnings this week, reported a better than expected performance for the quarter mainly on the back of the last minute subsidy compensation from the government on Nov 7. Hindustan Petroleum Corp reported net profit of 3.19 bln rupees, 86% lower on year. However, analysts tracking the company were expecting it to post a loss of around 8 bln rupees in Jul-Sep. Similarly, Bharat Petroleum Corp's reported net profit of 9.31 bln rupees for the quarter ended in September. In the week ahead, the dollar is seen weakening globally if US Federal Reserve Chair nominee Janet Yellen's sticks to her dovish comments and signals more support for the US economy. The marginal softening of crude oil prices is also likely to support oil stocks next week as the Indian basket of crude fell to $105.01 a barrel this week from $107.37 in the Oct 16 to Oct 31 fortnight. Shares of Reliance Industries are also seen gaining marginally next week on continued value buying.
Shares of state-owned oil marketing are seen trading rangebound with a positive bias next week taking cues from the rupee-dollar movement and marginal decline in crude oil prices. State-owned oil companies Bharat Petroleum Corp and Hindustan Petroleum Corp, which reported their Jul-Sep earnings this week, reported a better than expected performance for the quarter mainly on the back of the last minute subsidy compensation from the government on Nov 7. Hindustan Petroleum Corp reported net profit of 3.19 bln rupees, 86% lower on year. However, analysts tracking the company were expecting it to post a loss of around 8 bln rupees in Jul-Sep. Similarly, Bharat Petroleum Corp's reported net profit of 9.31 bln rupees for the quarter ended in September. In the week ahead, the dollar is seen weakening globally if US Federal Reserve Chair nominee Janet Yellen's sticks to her dovish comments and signals more support for the US economy. The marginal softening of crude oil prices is also likely to support oil stocks next week as the Indian basket of crude fell to $105.01 a barrel this week from $107.37 in the Oct 16 to Oct 31 fortnight. Shares of Reliance Industries are also seen gaining marginally next week on continued value buying.
