Oil & gas stocks top gainers

New Delhi: Oil and gas stocks are the top gainers in trade on Tuesday with the index climbing more than two per cent. HPCL is up seven per cent, BPCL is up more than 4 per cent, Petronet is up 4 per cent, IOC is up 3 per cent, ONGC is up 2 per cent, GAIL is up 2 per cent. Hindustan Petroleum Corporation’s (HPCL IN) Q3FY24 adjusted PAT was at Rs 5.3 billion versus our estimates of Rs 23.7 billion, versus adjusted PAT of Rs 1.7 billion in Q3FY23 and PAT of Rs 51.2 billion in Q2FY24. Negative surprise was from higher expenses amid refinery stabilisation and shutdown as also weaker marketing margin due to market share push. YoY earning growth was led by diesel margin recovery, Elara Securities said in a report.

Centrum Broking said in a report that GAIL’s robust Q3 performance was buoyed by continued margin expansion in natural gas marketing coupled with positive EBIT contribution from petrochemicals and liquid hydrocarbons segment. Thus, GAIL reported 17.5 per cent QoQ jump in EBITDA at Rs42.1 billion vs Rs35.8 billion. Natural gas transmission volumes rose 1.0 per cent QoQ at 121.5mmscmd while natural gas sales rose 1.2 per cent QoQ at 98.1mmscmd.