International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
Quarterly earnings from corporates, global trends, and trading activity of foreign investors will guide market sentiment this week, analysts said, adding that benchmark indices may face volatile trends. "The upcoming release of Q2 results will be closely watched, providing insights into corporate performance. "Meanwhile, the escalating tensions between Israel and Iran introduce a significant geopolitical risk, potentially leading to increased oil prices and market volatility.
The chargesheet, which was submitted in court last week, includes views of the premier VJTI, as well as IMD about the ill-fated structure being of sub standard quality and not having the capability to withstand winds, an official said.
Investors shunned shares of oil marketing companies (OMCs) on Friday as they feared that the government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near term. On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by Rs 2 per litre in the national capital. The changes were effective from Friday.
BPCL gained nearly 4% to Rs 674, while HPCL gained more than 2% to Rs 451.
Vijay Mallya-promoted Kingfisher Airlines has turned second time lucky; the state-run Bharat Petroleum Corporation (BPCL) has granted it a three-month reprieve to pay jet fuel dues. KFA owes BPCL Rs 220 crore (after adjustment of interest) for fuel dues.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
An official said the government is preparing the financial statements and getting the data room ready for the sales, suggesting that such aspects take time.
After subdued earnings in the first half amid global headwinds, India Inc is taking a cautious approach on their capital expenditure (capex) for the second half of the financial year ending March 2025, according to management commentary. Minutes from the October monetary policy meeting show the Reserve Bank of India's (RBI's) optimism about private investments picking up.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
HPCL and BPCL receded on Friday as the clouds of uncertainty still loom large over their divestment what with major political opposition proving tenacious.
'There's significant interest from both existing and new sponsors who recognise the value of associating with Olympic athletes.'
India may have to lean more on West Asian nations for supplies of liquefied petroleum gas (LPG), a cooking fuel, in the coming years after Indian state-run refiners drew up big plans to diversify into producing more profitable petrochemicals. This shift leads to reduced LPG output, Indian refining executives said. The mantra for state-run oil companies, from Indian Oil Corporation (IndianOil) to liquefied natural gas (LNG) importer Petronet LNG, which are looking to diversify their businesses from lower-margin fuels, has been value-added petrochemicals.
The MoU seeks cooperation in upstream, midstream and downstream activities.
The Indian Railway Catering and Tourism Corporation has tied up with the Bharat Petroleum Corporation and launched an e-ticketing initiative to help people book tickets at BPCL outlets.
BPCL beat Air India 4-1 in the final of the Bombay Hockey Gold Cup tournament.
Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd have restarted their Mumbai-based refineries, which were partially shut following incessant rains.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
Price of international crude oil - the raw material for making petrol and diesel - dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said. Global oil benchmark Brent crude futures fell below $70 per barrel on Tuesday - the first time since December 2021 - but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above $71 a barrel on Thursday while West Texas Intermediate advanced to trade near $68.
In a resolution passed at its national assembly in Haridwar, the SJM said the Modi government's proposed strategic divestment of PSEs was an "imprudent business decision" and "against national interest".
India Inc continued to grapple with muted revenue growth in the September 2024 quarter (Q2FY25) and witnessed a decline in margins and profits. The headwinds were especially severe for non-financial companies, while banking, financial services, and insurance (BFSI) firms significantly outpaced the rest of the corporate sector. The total profit of 1,353 listed companies that have released their Q2FY25 results thus far dropped by 0.6 per cent year-on-year (Y-o-Y) - the first cumulative earnings decline in eight quarters.
Bharat Petroleum Corporation Ltd on Thursday announced a voluntary retirement scheme for eligible employees and the scheme would remain open till May 31.
State exploration firm Oil and Natural Gas Corp on Thursday said it will take 26 per cent equity in Bharat Petroleum Corp Ltd's upcoming 6 million tonnes refinery at Bina in Madhya Pradesh.
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.
HPCL and BPCL were compelled downward today as marketmen reckon that their divestment may not even take place in the current calendar.
At the same time, the Cabinet approved reducing government's stake in select PSUs such as IOC to below 51 per cent while continuing to retain management control.
Bharat Petroleum Corporation Limited (BPCL), Bangalore scored a surprise 4-1 win against Oil & Natural Gas Corporation (ONGC), Delhi in the final of the DCB Presents Aga Khan hockey tournament -- 2011, at the Bombay Gymkhana ground, on Saturday evening.
State-run Bharat Petroleum Corporation Ltd (BPCL) is planning to expand its fuel retail outlets with food courts, cinema halls and provision stores in Haryana, Punjab, Andhra Pradesh and Tamil Nadu.
The Congress and the Bharatiya Janata Party have united in their demands, calling for the immediate resignation and arrest of P P Divya, a Communist Party of India-Marxist leader and district panchayat president, who leveled graft accusations against ADM Naveen Babu at his send-off function organised by colleagues at the Kannur district collectorate.
The state-run Oil and Natural Gas Corporation may buy stake in Bharat Petroleum Corporation's 6 million tonne Bina Refinery.
As the results season kicks in, the quarterly earnings numbers of several blue-chip firms -- such as Infosys and Reliance Industries -- along with global trends and trading activity of foreign investors, will determine equity market movement in the holiday-shortened week ahead, according to analysts. The domestic WPI inflation data for June -- scheduled to be announced on Monday -- will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram.
The divestment ministry is now all set to flag off the process of divestment in Bharat Petroleum Corporation with the Inter-Ministerial Group scheduled to meet on February 13.
State-run gas utility GAIL India and state refiner Bharat Petroleum Corp Ltd have floated a joint venture company to supply piped natural gas for domestic and commercial use
Goals by Sabu Varkey and Hari Prasad gave Bharat Petroleum a 2-1 victory in the semi-final league of the Bombay Gold Cup hockey tournament.
Bond issue oversubscribed 15 times despite gloomy sovereign rating.
