Shares of HPCL climbed 5.35 per cent to hit a high of Rs 483.40 on BSE. BPCL shares climbed 3.87 per cent to a high of Rs 608.25. IOC also gained 3.22 per cent to hit a high of Rs 174.20.
BPCL’s reported GRM was above Kotak's estimate, while its implied marketing margin was below its estimate. HPCL's Q3 missed Kotak's Ebitda estimate due to a lower-than-expected marketing margin.