New Delhi, Jan 30 (IANS): Oil and gas stocks are the top gainers in trade on Tuesday with the index climbing more than 2 per cent.

HPCL is up 7 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% QoQ jump in EBITDA at Rs 42.1 billion vs Rs 35.8 billion. Natural gas transmission volumes rose 1.0% QoQ at 121.5mmscmd while natural gas sales rose 1.2% QoQ at 98.1mmscmd. The company operated its petrochemicals plant at 101% capacity utilisation thus turning the performance into positive EBIT contribution from EBIT loss in Q2.

(Sanjeev Sharma can be reached at Sanjeev.s@ians.in)