Net Sales are expected to decrease by 3.3 percent Y-o-Y (down 8.1 percent Q-o-Q) to Rs. 64,956 crore, according to Sharekhan.
In its most expensive acquisition ever, Oil and Natural Gas Corp (ONGC) last year paid Rs 36,915 crore to buy government's entire 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL).
Net Sales are expected to decrease by 2.7 percent Y-o-Y (down 4.6 percent Q-o-Q) to Rs. 71,374.9 crore, according to ICICI Direct.
Among sectors bank, metal, pharma and FMCG are under pressure, while buying seen in the auto, energy, infra and IT stocks.
It should not be viewed as selling the family silver but for changing the structure of PSUs and improving their efficiency.
Any further rise in crude prices may have an impact on the fiscal deficit situation of India amid fall in rupee against the US Dollar.
Indian fuel marketing companies fix the price of petrol and diesel at retail outlets based on an average of last 15 days of benchmark price of petrol and diesel in the Middle East.
Rather than using it as a strategic instrument for disinvestment, the government has used the CPSE ETF like its ATM
Nifty Energy zoomed over 3 percent intraday on Thursday with oil marketing companies being the top gainers.
The state-owned refiner has been actively seeking gasoline from the spot market this year as Indian refiners undergo maintenance and upgradation to produce cleaner fuels.
Mukesh Surana, the chairman of the ONGC-run HPCL, also said the work on the controversial Rs 4 trillion refinery and petrochemicals project is on track.
Besides, the regulator has imposed a total fine of Rs 45.26 lakh on officials of the firms for violating competition norms.
The SEBI asked HPCL to re-file shareholding pattern to stock exchanges by August 13 for all quarters since ONGC acquired government's entire stake in the refiner in January 2018.
HPCL also plans to shut a gasoline deslphuriser at its 150,000 bpd Mumbai refinery in the western state of Maharashtra for 15-20 days in December, he added.
The country is the world's third-biggest oil importer. But the fuel demand is slowing due to a slowdown in the economy as well as a shift towards EVs.
Key resistance for Nifty is 11400 and until this level is crossed, one should not expect any significant pullback or upmove in the near term.
The company is targeting to set up at least 500 EV charging points across India by the end of this fiscal and has entered into partnerships with various malls, restaurants and institutional entities to set up of the infrastructure.
Net Sales are expected to decrease by 4.4 percent Y-o-Y (down 4.9 percent Q-o-Q) to Rs. 64,624.1 crore, according to Kotak.
Net Sales are expected to decrease by 7.3 percent Y-o-Y (down 7.7 percent Q-o-Q) to Rs. 62,681 crore, according to Prabhudas Lilladher.
Sources said the government had earlier this year asked HPCL to add ONGC as its co-promoter but the oil refining company sought to delay it by seeking further clarifications.
According to the agreement, BharatBenz customers would be eligible for DIESELAABH fleet card enabling them to save about Rs 50,000 per annum.
The Director-General of GST in Pune has slapped IOC, the country's biggest oil firm, with a tax demand of Rs 4,002 crore for alleged non-payment of excise duty on ethanol mixed in petrol. HPCL has been asked to pay over Rs 346 crore.
DG GST Intelligence (Pune) registered a case against Indian Oil for non-payment of Rs 4,000 crore in excise duty on sales of ethanol-blended motor spirit