(Zee Business)
In good news for state-run oil marketing companies (OMCs), the government is mulling to provide Rs 20,000 crore breather to them to make up for the losses due to alleviated oil and LPG prices, as per news agency Bloomberg. It was learnt that the talks between the ministry concerned and representatives of OMCs were in final stage.
Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) will be the biggest beneficiaries if the central government decides to compensate OMCs, said Zee Business Managing Editor Anil Singhvi reacting to the development. Talking about the chart of HPCL, technical expert Sumit Bagadia said HPCL is facing resistance and immediate hurdle at Rs 252. Once the stock clears this level, a level of Rs 260-Rs 270 will be seen. On BPCL, expert Simi Bhaumik recommended to buy it for the short-term with stoploss of Rs 338.
