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Essar Oil Is Rocking Now

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Old 14th November 2007, 06:07 PM
 
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puneet02002 is on a distinguished road
Wink Essar Oil Is Rocking Now

Is Anybody Tell Me How Long It Will Go Whats The Reason Behind This
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Old 14th November 2007, 07:17 PM
 
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Curiouser and Curiouser

Hello Puneet,

There were several calls to buy Essar Oil ever since it started rocketing on Muharat Day. But I don't think anyone had the faintest idea that it would touch nearly 140 today!! The news is that RIL and EssarOil have raised petrol & diesel prices by about Rs. 4.5 and Rs. 5 per litre. Funny part is that of all the 50 stocks in Nifty, all were in +ve territory except RPL which was down by about Rs. 2?!? Reliance is actually exporting petrol they refine, and are importing petrol for their own outlets. They are also buying from EssarOil. Both the companies say that by raising prices over PSU prices, they risk losing market share but they have no choice. Is it a pointer to impending hike in PSU prices too? Who knows? Meanwhile international Crude Oil is down by $3 to about $91 today bcoz of falling consumption! Go figure. If you listen to our homemade prof. Ravi Batra, oil 'bubble' is about to be busted! Analyse that
Paresh
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