Shares of Indian energy companies on Friday gained on the back of the United States’ 30-day moratorium to India for buying Russian oil and eased oil prices.
The stock of Reliance Industries was trading 2 percent higher on Friday. The stock of India’s largest private refiner opened higher at Rs 1,392.25 apiece compared to the previous close of Rs 1,389.80.
During the early trade, the stock rose 2.46 percent to reach the high of Rs 1,424.10 before coming down to around Rs 1,416.05, which was 1.90 percent higher.
The relief came early in the day when the US Treasury Department released a statement to authorise the delivery and sale of crude oil and petroleum products from Russia to India.
Another stock that gained on Friday was Mangalore Refinery and Petrochemicals, which rose over 3.4 percent during the early trade hours.
Apart from the US moratorium, another reason for the scrip to climb the bourses was its clarification on Thursday that it had not issued any force majeure to its industrial clients, as reported in the media.
It said that any reports indicating the company issued any force majeure were factually incorrect.
However, the company did not clarify the reports that claimed it had shut down a 100,000-barrel-per-day unit at its 300,000-barrel-per-day facility.
The stock of natural gas distributor company Adani Total Gas also opened higher on the bourses and was trading marginally higher with a gain of 0.38 percent in early trade.
The rise came even as some media reports suggested that the company has increased the prices of LNG for industrial customers from Tuesday.
However, the stocks of state-owned ONGC and Indian Oil were down around 1 percent during the early trade after opening lower than the previous close.
After the 30-day moratorium, the oil market is expected to ease as India is among the largest oil refiners and exporters of petroleum products.
