OMCs still bleeding despite excise cut: Probal Sen

ETMarkets.comIndia's decision to slash excise duty on petrol by Rs 10 per litre was greeted with relief across markets on Friday, with Oil Marketing Companies briefly rallying on hopes of a return to profitability. But according to Probal Sen, Vice President of Equity Research at ICICI Securities, the market may be getting ahead of itself.The cut helps. It does not heal.The numbers tell a harder storyWhile some analysts have suggested OMCs are now at or near break-even, Sen's calculations point...