Oil and Gas Stocks Gain Led by HPCL

Oil and gas stocks are up in trade on Thursday led by HPCL which gained more than 6 per cent.

BSE Oil and Gas index is up 1.72 per cent in trade.

HPCL is up 6.7 per cent, IOC is up 3.6 per cent, GAIL is up 3 per cent, Petronet LNG is up 2.6 per cent.

PSU stocks are also in the green with the BSE PSU index up by 1.5 per cent. HUDCO is up 19 per cent, Hindustan Copper is up 9 per cent, NALCo is up 6 per cent, Engineers India is up 5 per cent, SAIL is up 4 per cent, BHEL is up 4 per cent, NBCC is up 4 per cent.

Shares of HUDCO are up more than 18 per cent in trade on Thursday after the PSU company signed an MoU with Gujarat government for investment of Rs 14500 crore.

HUDCO shares are trading at 134.78, up more than 18 per cent.

HUDCO has executed a Memorandum of Understanding with the Gujarat for an investment up to Rs 14,500 crore for financing the Housing and Urban Infrastructure projects in Gujarat.

Gujarat intends for overall development of the state by implementing various housing and infrastructure projects.

HUDCO being a techno-financial institution, in the business of providing financial assistance for housing and urban development projects in the country, thus catering to the various requirements of all sectors thereof, playing a vital role in strengthening the social and economic fundamentals of India thereby playing a pivotal role in building assets for the Nation, the company said.

HUDCO expressed its interest in executing this MoU for an investment up to Rs 14,500 crore under Financial Services Sector in the form of financial assistance, as per its objectives and guidelines to Gujarat for eligible sector projects through term loan for Infrastructure projects.