India's top oil and gas producer ONGC on Friday reported a tripling of net profit in the June quarter as it earned record prices before the government slapped a tax on windfall profits arising from a global rally in energy rates. Oil and Natural Gas Corporation's (ONGC) standalone net profit at Rs 15,205.85 crore, or Rs 12.09 per share, in April-June, compared to Rs 4,334.75 crore, or Rs 3.45 a share, in the same period a year back, according to a stock exchange filing by the company. Sequentially, the profit was higher than the Rs 8,859.54 crore net profit of January-March.
In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
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Oil prices fell after the US Senate rejected a $14bn bail-out plan for the carmakers' sector, a move that weighed heavily on sentiment towards commodities.
British energy firm Cairn Energy Plc plans extensive exploration over the next 18 months its Rajasthan block, the site of India's largest oil discovery in almost two decades.
Oil prices slid to a three-week low on Wednesday on expectations of falling global demand after India , the world's sixth largest oil and gas consumer, lowered its fuel subsidies.
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The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.
The local currency moved in a range of 59.80 and 60.05 per dollar during the morning trade.
The Multi Commodity Exchange on Wednesday launched India's first ever crude oil futures contract.
British oil firm Cairn Energy Plc on Tuesday announced a second significant oil discovery in its Rajasthan block, where it had in January found India's largest field in more than two decades.
Crude oil shipments from the US to India rose to the highest levels in November since the conflict began in Ukraine in late February, sparking hopes of a resurgence in oil flows from the US to the subcontinent, reveals shipping data. Shipments from the US have surged as Western nations prepare to impose additional sanctions on Russian crude flows. The US shipped around 450,000 barrels per day of crude last month to India, twice that of shipments in October, according to data from London-based commodity intelligence provider Vortexa.
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IndusInd Bank was the top laggard in the Sensex pack, sinking over 12 per cent, followed by Bajaj Finance, ICICI Bank, Axis Bank, M&M, Tata Steel, ONGC and Maruti. On the other hand, Bharti Airtel, Hero MotoCorp and Nestle India were the gainers. NSE Nifty plummeted 280.40 points, or 3.03 per cent, to 8,981.45.
It moved in a range of 63.54 and 63.81 per dollar during the day.
Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.
For the current fiscal, the import bill has been pegged at $66 billion at an average import price of $48 per barrel
The rupee had shed 10 paise to close at 66.14.
Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.
Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including UP, despite international oil prices jumping to a 13-year high of $140 per barrel. West Texas Intermediate crude futures, the US oil benchmark, rose to $130.50 per barrel on Sunday evening, its highest since July 2008, before retreating. The international benchmark, Brent crude, hit a high of $139.13 at one point overnight, also its highest since July 2008.
It has gained by 23 paise or 0.36 per cent in two days
The rupee slumped to 64-level against the American currency, its second straight fall this week.
Strong recovery in the equity market boosted the rupee value against the dollar.
'We look forward to seeing them show off their knowledge and hard work as they square off against the dictionary on the national stage.'
There was fresh dollar demand from banks and importers.
Robert Solis, the man convicted of murdering Sandeep Dhaliwal, the first turbaned Indian-American Sikh police officer in the US state of Texas while making a traffic stop in 2019, has been sentenced to death, according to a police official.
Rupee is likely to remain under pressure due to domestic concerns.
The rupee edged higher by three paise to 66.46 against the US dollar in early trade on Wednesday.
Oil sank to the lowest level in a month after shedding all of its gains from the US-Iran clash as traders waited to see whether any further hostilities will disrupt exports from the East Asia.
Cooking gas LPG price on Wednesday was hiked by Rs 15 per cylinder in line with a surge in international fuel prices. Rates of both subsidised and non-subsidised LPG prices were hiked, oil company officials said. Cooking gas now costs Rs 899.50 per cylinder in Delhi.
Increased demand for the American unit from importers weighed on the rupee
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