Tennis icon Sania Mirza was on Friday roped in by Hindustan Petroleum Corporation for endorsing its retail brands.\n\n
State-run Bharat Petroleum Corp has offered to take Hindustan Petroleum Corp as equal partner in the Rs 6,354 crore (Rs 63.54 billion) Bina refinery in Madhya Pradesh.
State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
HPCL and BPCL receded on Friday as the clouds of uncertainty still loom large over their divestment what with major political opposition proving tenacious.
With yet another victim succumbing to burn injuries at a city hospital on Wednesday, the death toll in last month's fire at the Hindustan Petroleum Corporation Ltd's complex has risen to 27.
The shutdown of the gasoline making units would result in the production of high sulphur gasoline that cannot be sold in India.
Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule was announced.
NRI steel tycoon Lakshmi N Mittal may partner with Hindustan Petroleum Corp Ltd in the state-run firm's under-construction $3 billion refinery at Bhatinda in Punjab.
HPCL was sought after in early trades on Wednesday as media reports suggested that the company's divestment is likely to be wrapped up by June 2003.
The post-Covid pandemic boom in corporate revenues appeared to have faded away in 2023-24. Yet, companies have reported a sharp recovery in their profits in FY24, driven by high margins. Their combined net sales, including gross interest income for lenders, rose by a modest 4.8 per cent year-on-year (Y-o-Y) in FY24.
State-owned HPCL will set up a 100 MW wind park and launch pilot projects for bio-diesel production - moves that could deliver significant cost advantages to the company.
HPCL is the largest supplier of jet fuel to Kingfisher.
After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said.
Hindustan Petroleum Corporation has proposed to shed about 11 per cent of its workforce by offering the surplus staff a VRS, the Rajya Sabha was informed on Tuesday.
The Supreme Court on Tuesday restrained the government from going ahead with the divestment of Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd without Parliament approval.
Saudi Aramco will bid government's 34.01 per cent stake in oil refiner Hindustan Petroleum Corporation Ltd.
HPCL and BPCL were compelled downward today as marketmen reckon that their divestment may not even take place in the current calendar.
ChevronTexaco has bid for a stake in state-run Hindustan Petroleum Corp Ltd, India's second-largest oil refiner and retailer.
HPCL is Kingfisher Airline's largest aviation turbine fuel supplier.
HPCL was piped to gains on Wednesday on reports that at least 12 multinationals and domestic companies have presented initial bids for the Centre's 34.01% stake in the company.
India-born billionaire Lakshmi N Mittal may take 49 per cent stake in Hindustan Petroleum Corp Ltd's under-construction $3 billion refinery at Bhatinda in Punjab.
The top 100 companies have accounted for 63% of the gains (Rs 51 trillion out of Rs 81 trillion), while firms beyond the top 100 have contributed 37 per cent (Rs 30 trillion).
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
'He was the best court craftsman that I have ever seen who could modulate his arguments in accordance with the judge and the mood.'
HPCL is now ready to increase the stake of the state government up to 49 per cent.
The long-delayed Bhatinda refinery project of Hindustan Petroleum Corporation Limited crossed another significant milestone on Wednesday, with the award of the project management consultancy contract to Engineers India Ltd.
State-run Hindustan Petroleum Corporation Ltd on Wednesday said it was in advanced stages of talks with Shell India for picking up stake in its Hazira LNG terminal in Gujarat and a deal was possible this fiscal.
Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
State-run Hindustan Petroleum Corporation is eyeing oil blocks in African countries, its Chairman and Managing Director, Subir Roy Choudhari said on Friday.
HPCL staff threaten to block due diligence
Oil and Natural Gas Corporation is likely to buy 16.95 per cent stake of Hindustan Petroleum Corporation Ltd in Mangalore Refinery and Petrochemicals Ltd for about Rs 550 crore.
HPCL, Bharat PetroResources Ltd -- a unit of state-owned Bharat Petroleum Corporation, Gujarat State Petroleum Corporation and Videocon Industries each have 14 per cent interest in the block.
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. Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.
Differences between ministries of divestment and petroleum are likely to surface at Fridays meeting of the Cabinet Committee on Divestment as the former is believed to have proposed keeping public sector units.
HPCL advanced further on Monday on buying support from institutions following reports that a inter-ministerial group is likely to meet on Thursday to shortlist the names of bidders for the state-run oil refiner.
The Cabinet Committee on Economic Affairs at its meeting this morning approved the project, official sources said.
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