State oil firms BPCL, HPCL, and IOC surge after government pricing clarity and LPG support.

• Brokerages credit minister Puri’s remarks, expecting minimal intervention and steady returns for OMCs in the future.
• HSBC maintains buy ratings; J.P. Morgan and Macquarie see improved margins from LPG under‑recovery payments.
• 2025 YTD gains: BPCL +11%, HPCL +3.3%, IOC +6.3%; oil index up 5.2% so far.