HPCL's stock reaches a three-day high and hits 52-week high on Friday amid speculations that oil marketing companies will increase oil prices after the 2024 General Elections. Despite slipping by 1.63%, HPCL's stock continues to remain high, resulting in a potential price hike in the future. Analysts predict that OMCs may achieve good marketing margins in FY25 if the government continues to not cut oil prices and with the recent disturbances in sea supplies due to tension in Yemen's Red Sea region.
HPCL's Stock Surges Amid Market Speculations
Hindustan Petroleum Corporation Limited (HPCL) saw its stock reach a three-day high and hit a 52-week high on Friday. This surge is attributed to market speculations that oil marketing companies (OMCs) may increase oil prices after the 2024 General Elections.
Despite a slight slip of 1.63%, HPCL's stock remains high, indicating a potential price hike in the future. Analysts predict that OMCs could achieve good marketing margins in the financial year 2025 if the government maintains its stance of not cutting oil prices. Additionally, recent disruptions in sea supplies due to tensions in Yemen's Red Sea region have contributed to the bullish trend.
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