Oil companies register 71 times profit in FY24
7 months, 2 weeks ago

Oil companies register 71 times profit in FY24

New Indian Express  

NEW DELHI: After a tepid FY23, the PSU oil marketing companies have turned the table and raked in record profits in FY24. The three state-owned oil marketing companies – IOCL, BPCL and HPCL – have together posted `82,500 crore standalone profit in 2023-34, 71 times the profit earned in the previous year. Indian Oil Corporation, the country’s largest oil marketing company, achieved its highest-ever net profit of Rs 39,618.84 crore in 2023-24. The company’s gross refining margin also dropped to $12.05 per barrel in 2023-24 from $19.52 a year ago, attributed to lower refining margins, a negative performance in the petrochemical segment, and price cuts despite rising crude oil costs. Hindustan Petroleum Corporation Ltd also reported impressive financial results in FY24, with a record net profit of Rs 14,600 crore compared to a loss of Rs 8,974 crore in the previous year.

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History of this topic

Refining margins of state-run oil marketing companies fall this fiscal
1 week, 1 day ago

Refining margins of state-run oil marketing companies fall this fiscal

Live Mint  

New Delhi: Gross refining margins of public sector oil marketing companies have fallen by up to 80% in the first half of this financial year, showed data from the Petroleum Planning & Analysis Cell, amid shrinking discounts of Russian oil and declining prices in global markets, experts said. Mangalore Refinery and Petrochemicals Ltd, a public sector enterprise under the Union …

Oil India Q2 Results Live: Profit Rise by 379.29% YOY
1 month, 2 weeks ago

Oil India Q2 Results Live: Profit Rise by 379.29% YOY

Live Mint  

Oil India Q2 Results Live : Oil India has reported its Q2 results for the fiscal year 2024, announcing a remarkable profit increase of 379.29% year-on-year. Over the past week, Oil India has seen a return of 3.37%, with a notable 16.77% return over the last six months, and an outstanding year-to-date return of 99.76%. As Oil India continues to …

Indian Oil Corporation Shares See a Price Bump, But Technical Indicators Remain Cautious
Trending News
1 month, 3 weeks ago

Indian Oil Corporation Shares See a Price Bump, But Technical Indicators Remain Cautious

Live Mint  

Indian Oil Corporation shares are trading up today, with the stock price increasing by 1.26%. The Nifty is also up by 0.97%. The stock has hit a high of ₹149.75 and a low of ₹146.25 during the day, and is trading below the short term simple moving averages of 5, 10, 20 day as well as longer term moving averages …

Indian Oil Corporation Shares Trading Below Technical and Fundamental Support Levels
Trending News
1 month, 4 weeks ago

Indian Oil Corporation Shares Trading Below Technical and Fundamental Support Levels

Live Mint  

Indian Oil Corporation shares experience mixed performance today. The stock price has gained 0.23% on the NSE, but it has lost -0.14% on the BSE. The stock has hit a high of ₹154.35 and a low of ₹152.55 during the day, indicating a trading range of 2.8%. On the technical front, the stock is trading below the short-term and long-term …

Indian Oil Corporation Q1 Results Live : profit falls by 75.56% YOY
4 months, 3 weeks ago

Indian Oil Corporation Q1 Results Live : profit falls by 75.56% YOY

Live Mint  

Indian Oil Corporation Q1 Results Live : Indian Oil Corporation declared their Q1 results on 30 Jul, 2024. Indian Oil Corporation has delivered 10.33% return in the last 1 week, 23.87% return in last 6 months and 40.89% YTD return. Currently the Indian Oil Corporation has a market cap of ₹258348.1 Cr and 52wk high/low of ₹196.8 & ₹85.5 respectively. …

OMCs should bargain with oil producers for discount: Petroleum minister Hardeep Singh Puri
7 months ago

OMCs should bargain with oil producers for discount: Petroleum minister Hardeep Singh Puri

New Indian Express  

NEW DELHI: Domestic oil marketing companies should come together and negotiate with oil producing companies for a good discount on long-term contracts, said petroleum minister Hardeep Singh Puri on Wednesday. In India, state-owned companies such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation import the majority of crude oil. They previously received a discount of about $8–$10 …

IOC shares decline more than 4% as Q4 net halves
7 months, 3 weeks ago

IOC shares decline more than 4% as Q4 net halves

The Hindu  

Shares of Indian Oil Corporation on Tuesday declined over 4% after the company reported a halving of its March quarter net profit. Profit was lower as refining margins dipped, the petrochemical segment turned negative, and the firm, last month, cut petrol and diesel prices by ₹2 per litre each despite crude oil prices edging up. Net profit was ₹4,837.69 crore …

India's crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC
8 months ago

India's crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC

Live Mint  

India's total consumption of crude oil or petroleum products rose 4.6 pent in fiscal 2023-24 to 233.3 million metric tonne, while domestic production of crude oil rose marginally at 0.6 per cent. But the world's third largest oil importing and consuming nation paid $132.4 billion for the imports in FY24 as against $157.5 billion import bill in 2022-23, so crude …

GP Petroleums Q3 FY24 Results Live: Profit Rises by 71.1% YoY
10 months, 1 week ago

GP Petroleums Q3 FY24 Results Live: Profit Rises by 71.1% YoY

Live Mint  

GP Petroleums declared their Q3 FY24 results on 09 Feb, 2024. GP Petroleums has delivered -2.76% return in the last 1 week, 65.26% return in the last 6 months, and 31.93% YTD return. Currently, GP Petroleums has a market cap of ₹368.62 Cr and a 52wk high/low of ₹81.45 & ₹31 respectively. GP Petroleums Financials Period Q3 FY24 Q2 FY24 …

Oil companies may slash petrol, diesel prices by Rs 5-10 next month
11 months, 1 week ago

Oil companies may slash petrol, diesel prices by Rs 5-10 next month

India TV News  

State-owned Indian Oil Corporation, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd are considering a reduction in petrol and diesel prices in February, just ahead of the Lok Sabha elections. The companies are expected to make a decision on reducing petrol and diesel rates, possibly by Rs 5 to Rs 10 per litre, after assessing their financial results and …

OMC stocks on uptrend over lower crude oil prices; BPCL, HPCL see sharp gains, Indian Oil hits 52-week high
1 year ago

OMC stocks on uptrend over lower crude oil prices; BPCL, HPCL see sharp gains, Indian Oil hits 52-week high

Live Mint  

Shares of Indian oil marketing companies are on an uptrend as noted in the last few sessions over the declining prices of international crude oil as investors expect limited effects of supply cuts announced by the Organistation of Petroleum Exporting Countries and its allies. {{^adFree}} {{/adFree}} Shares of Indian Oil Corporation gained 3.5 per cent on Friday, December 15, to …

Hindustan Petroleum share price gains more than 5%, scales 52 week high
1 year ago

Hindustan Petroleum share price gains more than 5%, scales 52 week high

Live Mint  

The share prices of Oil Marketing companies as Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd and Indian Oil Corporation Ltd saw smart gains on Tuesday with decline in Crude oil prices. While Hindustan Petroleum Corporation share price with gains of more than 5% scaled 52 week highs in morning trades, Indian Oil Corporation and Bharat petroleum corporation stock price …

Petrol, Diesel Prices Hike Unlikely India General Elections To Take Place Next Year: Moody's
1 year, 2 months ago

Petrol, Diesel Prices Hike Unlikely India General Elections To Take Place Next Year: Moody's

ABP News  

Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. "High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India -- IOC, BPCL and HPCL," Moody's said in a report. "Still, the three companies' fiscal 2024 earnings will …

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's
1 year, 2 months ago

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's

The Hindu  

Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. "High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India — IOC, BPCL and HPCL," Moody's said in a report. "Still, the three companies' fiscal 2024 earnings will …

Reliance Industries Q1FY24 Net Profit Declines 6% Dented By Oil-To-Chemicals Performance
1 year, 5 months ago

Reliance Industries Q1FY24 Net Profit Declines 6% Dented By Oil-To-Chemicals Performance

News 18  

Reliance Industries Ltd reported on July 21 a year-on-year decrease of 6 percent in the consolidated net profit at Rs 18,258 crore in the first quarter of the financial year 2023-24 as muted performance in the oil-to-chemicals partly offset the strong growth in consumer-facing businesses The conglomerate’s consolidated total revenue in the June quarter declined to Rs 231,132 crore from …

Bharat Petroleum net profit surges by 168% to ₹6,780 crore in Q4 2023
1 year, 7 months ago

Bharat Petroleum net profit surges by 168% to ₹6,780 crore in Q4 2023

Hindustan Times  

Oil marketing company Bharat Petroleum Corporation has posted a 168 per cent growth in its net profit to ₹6,780 crore for the quarter ended March 31, 2023, against ₹2,559 crore in the corresponding quarter the previous fiscal year. Revenue from operations in the quarter under review surged 8 per cent to ₹1.33 lakh crore, against ₹1.23 lakh crore in the …

MRPL posts ₹1,908 cr. profit after tax in Q4 of 2022-23 as against ₹3,008 cr. in Q4 of 2021-22
1 year, 7 months ago

MRPL posts ₹1,908 cr. profit after tax in Q4 of 2022-23 as against ₹3,008 cr. in Q4 of 2021-22

The Hindu  

The Mangalore Refinery and Petrochemicals Ltd on Friday, April 28, announced registering ₹1,908 crore profit after tax during the 4th quarter of 2022-23 as against ₹3,008 crore registered in Q4 of 2021-22. A release here said MRPL’s Board of Directors approved the Standalone and Consolidated Audited Financial Results of Q4 and the financial year 2022-23 at the 254th meeting held …

India's Fuel Demand In July Rises 6.1%; LPG Sales Up 1.7%
2 years, 4 months ago

India's Fuel Demand In July Rises 6.1%; LPG Sales Up 1.7%

News 18  

India’s fuel demand in July rose 6.1 per cent year-on-year, data from the Petroleum Planning and Analysis Cell of the oil ministry showed on Monday. “India’s fuel demand outlook is improving as the economy is poised for a strong bounce back in consumption and continued momentum for the services sector,” said Edward Moya, senior analyst with OANDA. “Fuel demand is …

Global oil firms report huge profits but Indian marketers are left high and dry
2 years, 7 months ago

Global oil firms report huge profits but Indian marketers are left high and dry

Live Mint  

Indian oil refiners are staring at huge losses as they have failed to pass on the higher costs of crude to fuel consumers, even as global energy producers report outsized profits in the March quarter. A Mint compilation of earnings data reported by global oil giants shows some have recorded their best profit figures in years, even decades, as crude …

RIL Q4 Consolidated PAT Surges 22.5% YoY; FY22 Gross Sales Top $100 Billion
2 years, 7 months ago

RIL Q4 Consolidated PAT Surges 22.5% YoY; FY22 Gross Sales Top $100 Billion

News 18  

Reliance Industries Limited on Friday reported a 22.5 percent year-on-year growth in its consolidated net profit to Rs 16,203 crore for the quarter ended March, which was below analysts’ expectations of Rs 17,167 crore. The strong topline performance reflected in the company’s operating show as well as consolidated operating profit of the company jumped 27.7 percent on-year to Rs 33,968 …

GAIL Q1 result: Net profit grows 500% to ₹1,530 cr as sales, margin rise
3 years, 4 months ago

GAIL Q1 result: Net profit grows 500% to ₹1,530 cr as sales, margin rise

Live Mint  

GAIL India reported a 500 per cent increase on-year in net profit for the quarter ended June 30, 2021, as sales and margin in gas as well as petrochemicals grew. India's largest gas marketer and transporter saw natural gas transmission and natural gas marketing volumes increase by 19 per cent and 18 per cent respectively as compared with corresponding quarter …

Govt permits 100% FDI in oil PSUs approved for strategic disinvestment
3 years, 4 months ago

Govt permits 100% FDI in oil PSUs approved for strategic disinvestment

Business Standard  

The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic disinvestment. "Foreign investment up to 100 per cent under the automatic route is allowed in case an 'in-principle' approval for strategic disinvestment of a PSU has been granted by the government," it said. Two …

Stocks to Watch: DHFL, HDFC Bank, Jet Airways, Kotak Mahindra Bank
3 years, 6 months ago

Stocks to Watch: DHFL, HDFC Bank, Jet Airways, Kotak Mahindra Bank

Live Mint  

NEW DELHI: Here are top ten stocks that could be in the news today. Natco Pharma: The drugmaker said its consolidated net profit declined 43% to ₹53 crore for the quarter ended 31 March, compared to ₹93 crore a year ago. Novartis India: The pharmaceutical company reported March quarter net profit for fiscal 2021 of ₹9.7 crore, up a 43% …

Petrol prices hit a fresh high in Delhi
3 years, 11 months ago

Petrol prices hit a fresh high in Delhi

Live Mint  

Petrol prices in the national capital registered a record high on Monday, with oil marketing companies again increasing it by 25 paise per litre. Petrol was selling at ₹84.95 per litre in the national capital, while diesel was retailing at ₹75.13 per litre. After holding the retail price of petrol steady for 29 days, OMCs in India started increasing prices …

BPCL Privatisation: Govt Receives Multiple Bids for Stake Sale; No Supermajor in Race
4 years, 1 month ago

BPCL Privatisation: Govt Receives Multiple Bids for Stake Sale; No Supermajor in Race

News 18  

New Delhi: The government on Monday received 'multiple' bids for buying out its stake in India's second-biggest fuel retailer BPCL but billionaire Mukesh Ambani's Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid. Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management, which is handling the sale, tweeted that the transaction …

HPCL Share Price Rise 8 Percent After Buyback Approval, YoY Profit Doubled in September
4 years, 1 month ago

HPCL Share Price Rise 8 Percent After Buyback Approval, YoY Profit Doubled in September

News 18  

Hindustan Petroleum Corporation share price rose over 8 per cent in early trade on Thursday as it crossed the Rs 200 mark. It proposed to repurchase 10 crore shares at Rs 250 per share, which is 34 per cent higher than its stock’s closing price that stood at Rs 186.75 on Wednesday. He attributed the improvement in profit, despite the …

HPCL board approves ₹2,500 crore share buyback
4 years, 1 month ago

HPCL board approves ₹2,500 crore share buyback

Live Mint  

State-run Hindustan Petroleum Corporation Ltd will launch a share buyback program shortly for its shareholders to a maximum value ₹2,500 crores, the company said today. During the second quarter of this fiscal, HPCL recorded Profit after Tax of ₹2,477 crore against a PAT of ₹1,052 crore during the same period last year marking a jump of 135% over last year. …

BPCL Privatisation: Govt to Provide Rules on Employee Protection, Asset Stripping Later
4 years, 3 months ago

BPCL Privatisation: Govt to Provide Rules on Employee Protection, Asset Stripping Later

News 18  

The government will provide guidance on employee protection, asset stripping and business continuity in Bharat Petroleum Corp Ltd to potential acquirers of the company only at a later stage of bidding, according to privatisation rules issued by the disinvestment department. On a query on restrictions relating to employee protection, asset stripping, business continuity and lock-in of shares, DIPAM said, “This …

Reliance's revenue sinks on oil hit, profit up on BP deal gain
4 years, 4 months ago

Reliance's revenue sinks on oil hit, profit up on BP deal gain

India Today  

Reliance Industries Ltd’s June-quarter profit rose as the Indian conglomerate booked a one-time gain from a BP investment, although revenue tumbled as the coronavirus crisis slammed its refining and petrochemicals businesses. Reliance, India’s biggest company by market value, said consolidated profit climbed 31 per cent to 132.33 billion rupees in the three months to June 30. Earnings were boosted by …

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