India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
Macroeconomic data announcements, the last batch of Q1 earnings and global trends are the major factors that would influence trading sentiments in the equity market in a holiday-shortened week ahead, analysts said. Besides, trading activity of foreign investors would also be a crucial factor in dictating movement in the market. Equity markets would remain closed on Thursday for Independence Day.
The cut reflects changes in global prices of the two fuels since the last revision.
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 divestment. The move would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company.
ONGC Videsh Managing Director R S Butola and Bharat Petroleum Director (Refineries) R K Singh are among the 17 candidates in the fray for the top job at Indian Oil Corp, the nation's largest oil firm.
They have been named for their stake in the Farsi offshore block.
In Mumbai, jet fuel will cost Rs 72,830.64 per kl from tomorrow as against Rs 68,103.26 per kl at present.
For the second time this month, state-run oil companies on Tuesday cut jet fuel prices to ease the burden on cash-strapped airlines. Aviation turbine fuel (ATF) prices in Delhi was reduced by Rs 649 or 1.6 per cent to Rs 39,319 per kilolitre, effective midnight tonight.
State-owned Indian Oil Corp (IOC) is losing Rs 151 crore per day in revenues on selling diesel, domestic LPG and kerosene below their imported cost, a company official said on Thursday.
State-owned oil firms on Friday hiked jet fuel prices by almost 2 per cent, the sixth straight increase in rates since October when international crude oil prices started climbing.
Tata Consultancy Services along with Bharti Televentures and National Thermal Power Corp was on Friday adjudged among the best employers in India by leading global human resources management firm Hewitt Associates.
With the government giving limited freedom to state-run oil companies to fix auto fuel prices within a narrow price band, petrol prices are set to go up by Rs 0.57 per litre and diesel by Rs 0.92 per litre from August 1.
India should learn to live with high energy prices for rapid economic growth, said Planning Commission Deputy Chairman Montek Singh Ahluwalia after two of the state-owned oil companies hiked petrol rates this week.
In a major relief to cash-strapped airlines, jet fuel (ATF) prices were today reduced by a massive 5 per cent, the steepest reduction in rates since February 2010.
Indian basket at 6-month low of $49.11 a bbl
IOC had challenged the Uttar Pradesh government decision.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
State-run Indian Oil Corp is losing Rs 92 crore (Rs 920 million) per day on sale of petrol, diesel, domestic LPG and kerosene as government has not allowed it to revise rates in line with firming international oil prices.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil).
The state-run oil firms will raise jet fuel price by Rs 1,338 per kl effective midnight tonight, an Indian Oil official said on Thursday.
State-owned Indian Oil Corp (IOC) today said it is losing Rs 189 crore per day on selling auto and cooking fuel below cost as global crude oil prices shot up to USD 102 per barrel.
The price of aviation turbine fuel, or jet fuel, in Delhi was hiked by Rs 2,797.41 per kilolitre (kl), or 4.5 per cent, to Rs 65,005.59, according to Indian Oil Corp, the nation's largest oil firm.
The state-owned oil firms on Wednesday hiked jet fuel prices by a huge 3.6 per cent to Rs 46,876.58 per kl, making it the fifth straight increase in rates since October when international crude oil prices started rising.
The increases have snapped a six fortnight trend of reduction in rates.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
State-owned oil firms on Tuesday hiked jet fuel by 5.5 per cent in sync with rise in global rates.
RIL's bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business
Indian Oil Corp (IOC), nation's largest oil firm, is likely to sign a joint venture agreement with Nuclear Power Corporation of India (NPCIL) this month to foray into nuclear power generation.
The UAE central bank will then make payments in dirhams to Iran.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
Indian Oil Corp has emerged as India's biggest company in terms of annual revenue.
L N Mittal's foray into oil and gas trading business through a joint venture with ONGC is facing fresh opposition from refiner Indian Oil Corp, which feels the JV is ineligible to bid for its tenders.
Plans disinvestment in IOC and Coal India.
State-owned Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum are collectively losing Rs 2.65 billion (Rs 265 crore) per day on selling fuel below cost and may end the fiscal with a Rs 874.4 billion (Rs 87,440 crore) revenue loss.
Deutsche Bank has chosen Indian Oil Corp as one of the top global stock picks in the oil and gas sector.
The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.
Cairn India is 25th on the list with 22.2 per cent CGR.
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