IOC, HPCL, BPCL stocks are having a dream rally. Will benign oil prices continue to fuel it?
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Indian Oil petrol pump in Kolkata, India
Synopsis
The shares of OMCs have rallied up to 170% in the last one year. Still, they are available at low valuations and, therefore, look attractive. But going forward, a lot will depend on which way crude oil prices move.
India’s oil marketing companies (OMCs) have certainly given their investors some bragging rights. Take for example Indian Oil Corporation (IOC), the largest government-owned oil producer in the country both in terms of capacity and revenue. IOC shares have given nearly 170% returns in the last one year. The stock went from INR70 per share in January 2023 to its recent high of INR197. Similarly, HPCL and BPCL shares have given returns of 138% and
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