Even as sections of the market have been struggling, there is one sector that has surprised everyone. Shares of refinery companies including , Oil India, , and even have seen massive buying.
The buying has come on the heels of rising refining margins. The benchmark Singapore gross refining margin (GRM) has jumped to a record high of $25.2/barrel, which bodes well for Indian refiners, said analysts.
Management of some companies have guided for a bumper year ahead.
On Thursday, MRPL rose 2 per cent to Rs 120.45, Chennai Petroleum 1.24 per cent, Oil India 6 per cent, Reliance Industries 3 per cent, 3 per cent and 3 per cent. Some of these stocks also hit their 52-week highs.
IEX surges 5%
Shares of India Energy Exchange (IEX) jumped 5 per cent to Rs 185 after Central Electricity Regulatory Commission (CERC) in an order on long- duration contracts allowed IEX to sell contracts up to 3 months.
Currently, the exchange is allowed to sell contracts for a period up to 11 days.
Now, IEX can introduce monthly and quarterly contracts, said ET Now in a report. Based on demand, they might consider half-yearly and yearly contracts as well.
Eight in eight
Shares of Life Insurance Corporation (
) of India record eighth straight loss in as many days, plunging to all time low levels. The stock has lost a quarter of its value since it got listed on the bourses.
Analysts have been lukewarm on the prospects of the stock with a neutral stance. Their targets on the stock have also been underwhelming.
On Thursday, it closed down at Rs 721.95, falling 2.17 per cent. Earlier in the day, it hit a low of Rs 720.05.
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