Oil and Natural Gas Corporation (ONGC) holds 13.77 per cent stake in India's biggest refiner Indian Oil Corporation (IOC), which at today's market price is worth over Rs 27,800 crore. It has another 4.87 per cent stake in GAIL India Ltd worth of Rs 1,600 crore.
Shares of major oil marketing companies opened in green at the opening on Wednesday after the government reduced the basic excise duty on petrol and diesel (both branded and unbranded) by Rs 2 a litre with effect from October 4, 2017
Pyeongchang is 80 kilometers (50 miles) from the border with North Korea, which has stoked anxiety with a recent nuclear test and a string of missile launches.
While ITC, Hindustan Unilever Ltd (HUL), SBI and IOC saw losses in their m-cap for the week ended Friday, the valuations of RIL, TCS, HDFC Bank, HDFC, Maruti Suzuki and ONGC rose, but their combined gain of Rs 26,099.02 crore was less than the total loss suffered by the four firms.
India's largest oil and gas producer has about Rs 13,000 crore in cash and would need to borrow the rest to fund the buying of government's 51.11 per cent stake in HPCL.
A subsidised 14.2-kg LPG cylinder now costs Rs 487.18 in Delhi as against Rs 479.77 previously, according to Indian Oil Corporation, the nation's largest fuel retailer.
Motilal Oswal has maintained a neutral stance on BPCL while Morgan Stanley has retained an overweight rating on the stock expecting an earnings turnaround on counter cyclical capacity growth and product quality upgrade.
"We have initiated dialogue with IOC. We would be looking at least 26 percent in Ennore. IOC is also looking at strategic investor and I think we fit the bill," Managing Director Prabhat Singh told reporters.
State-owned Indian Oil Corp (IOC) said it will acquire up to 50 percent stake in Adani Group-backed Mundra LNG import terminal in Gujarat for an estimated Rs 750 crore.
State-owned Indian Oil Corporation (IOC) said its board approved Rs 15,034 crore investment to expand its Gujarat refinery by 2022.
Yogesh Mehta of Motilal Oswal Securities suggests buying IOC, Titan Company and Tech Mahindra and advises shorting BHEL.
Key issues to watch for would be utilisation of Paradip refinery, gross refining margin, capex plans and forex/inventory changes.
The government had previously asked Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) to raise rates of subsidised domestic LPG (liquefied petroleum gas) by Rs 2 per 14.2-kg cylinder per month (excluding VAT).
Though yet to face any unsettling events in 2017, rallying 27 percent till date, Nifty is likely to embark on a treacherous voyage from here on, grappling with multiple gann supply points.
The rating agency said that the Indian government's approval to sell its majority 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp Ltd (ONGC) is likely to be credit neutral for the state explorer.
The research house feels IOC's FY18 earnings are likely to be aided by volume and margin led growth from Paradip refinery, and likely recovery in market volume growth after witnessing a sharp slowdown in Q1FY17.
State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) are building the integrated complex with a refining capacity of 60 million tonnes per annum at Babulwadi, Taluka Rajapur, Ratnagiri district.
The long term trajectory of the market will remain towards an upward trend.
Ashwani Gujral of ashwanigujral.com suggests buying DHFL, Bajaj Finserv and L&T Finance Holdings.
Four refiners in the world's third largest crude importer bought 9 million barrels of Middle East and Russian crude loading in July-August via spot tenders last month, drawing down excess supplies in the market after China's demand slowed.
CLSA sees EPS risk of 7-13 percent for these companies from GST and discount on digital payment.
"It is like hitting one's own leg. The state government's activities will adversely affect the ongoing industrialisation activities in Odisha," Pradhan said.
It has also been decided that Indian Oil Corporation would halt the construction on its LPG terminal project till an expert panel examines the alleged breach of environment clearance norms by the oil major for construction of the terminal and clears it of local people charges, said Vijayan.
The notice issued by the Odisha government undertaking IDCO on June 19, sought the IOCL's reply within 15 days from the date of receipt of the letter.
Indian Oil Corp (IOC) will be the lead partner with 50 per cent stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25 per cent stake each, IOC Chairman Sanjiv Singh said.