India State Refiners Gain on Gasoline Price Rise: Mumbai Mover
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Indian Oil Corp., the nation’s biggest refiner, and state-owned rivals gained after increasing gasoline prices for the first time in almost seven months to counter higher oil import costs.
Indian Oil climbed as much as 6.1 percent, the biggest intraday gain since June 27, 2011, and traded 1.7 percent higher at 277.80 rupees at 10:35 a.m. in Mumbai. Bharat Petroleum Corp. gained 2 percent to 736.40 rupees and Hindustan Petroleum Corp. rose 1.1 percent to 313 rupees. The benchmark Sensitive Index was little changed.