Oil marketing company Bharat Petroleum Corporation Ltd, on Monday announced a mega foray into oil exploration and production business and has earmarked a budget of Rs 1,000-1,500 crore (Rs 10-15 billion).
Indian Oil Corp is unlikely to bid for a share in six new pipelines being built by Reliance Industries to transport fuel from its refinery to its planned chain of petrol stations.\n\n\n\n
International oil prices have hit a six-month low, helping Indian fuel retailers breakeven on petrol but they continue to lose money on diesel - the most used fuel in the country, officials said. The world's best-known crude benchmark, Brent was trading at $94.91 per barrel on Thursday after concerns of a global recession led to it slipping to a six-month low of $91.51 on the previous day. The current rates are a relief to India, which is 85 per cent dependent on imports for meeting its oil needs.
The government is likely to finalise by the third week of this month, the advisor for divestments of Bharat Petroleum Corporation Ltd for which over half a dozen merchant bankers are in the race.\n\n\n\n
Punjab Police beat Namdhari XI 3-2, while Bharat Petroleum edged out Air India 1-0 in the Nehru Hockey tournament.
Gagan Ajit Singh scored three minutes before the final whistle in a Super League match of the Nehru hockey tournament.
State-owned Bharat Petroleum Corporation Ltd will commission the Rs 6,354 crore (Rs 63.54 billion) Bina refinery in Madhya Pradesh in two years' time.\n\n\n\n
Kicking-off the process of divestment in Bharat Petroleum Corp, government has invited bids for appointment of a global advisor for sale of 35.2 per cent stake in the oil PSU through public offer.
Congress president Mallikarjun Kharge alleged that the price of domestic cooking gas cylinder has been raised by Rs 50 and that of commercial gas cylinder by Rs 350 at a time when every person in the country is facing the brunt of high inflation.
Bharat Petroleum Corporation Limited will invest Rs 7,500 crore in the next five years to modernise and expand its operations. \n\n
Indian Airlines thumped Tamil Nadu 6-1 while the policemen beat Bharat Petroleum 2-0 in the Nehru hockey semi-finals.
Both made the last four of the Nehru hockey tournament with golden goals.
The State-run Oil India Ltd will raise its stake in Numaligarh Refinery Ltd to 26 per cent to strengthen its position as an integrated oil company.
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.
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.
The government is believed to have zeroed in on DSP Merill Lynch for appointment as advisor and UBS and I-Sec as lead manager for the proposed public offer in Bharat Petroleum Corporation.
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
Oil and Natural Gas Corp, said on Monday it had signed an agreement to supply crude oil to refiner Bharat Petroleum Corp Ltd for two years ending March 2004.\n\n\n\n
State-run Bharat Petroleum Corporation Ltd on Monday said it is losing Rs 3 per litre on sale of diesel and Rs 2 per litre on petrol
Government-owned companies are more generous in rewarding their shareholders with dividends.
Oil PSUs to pay Rs 2,500 cr interim dividend.
The brokerage said it expected corporate earnings to turn around.
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
Petrol price in the national capital neared the Rs 85 a litre mark while diesel rates in Mumbai were close to Rs 82 as fuel prices were raised by 25 paise per litre each on Monday. Petrol now costs a lifetime high of Rs 84.95 per litre in Delhi while diesel comes for Rs 75.13, according to a price notification from oil marketing companies. The price hike on Monday came after three days of unchanged rates. Prices were last hiked by 50 paise a litre in two instalments on January 13 and 14.
The government is looking to sell shares of Reliance Industries (RIL) held through Specified Undertaking of the Unit Trust of India (SUUTI) and is soon going to appoint an intermediary to manage it. The plan is to sell about 8 lakh shares of RIL that will help the government garner around Rs 180 crore. The Department of Investment and Public Asset Management (DIPAM) will appoint an intermediary that will act as a custodian of these shares. The intermediary, based on its market analysis, will offload these shares at the best price, said an official. A final approval on the proposal is expected soon.
'2019 was fought on delivery. But in 2024, you can see the before and after effects.'
Diesel price on Monday was hiked by 25 paise per litre -- the third increase since last week -- and more rate hikes for both diesel and petrol are in the offing in the coming days as international oil prices have soared to a three-year high. The price of diesel was hiked to Rs 89.32 per litre in Delhi and to Rs 96.94 in Mumbai, according to a price notification of state-owned fuel retailers. This is the second straight day of increase in diesel prices and the third since September 24 when the state-owned oil firms ended a three-week hiatus in rates.
Petrol price cut by 50 paisa a litre; diesel by 46 paisa.
LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. "Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
Government-controlled oil-marketing companies (OMCs) have held back petrol and diesel price revisions for a week and are expected to continue doing so, ostensibly owing to political reasons. It appears that the Centre has informally conveyed to the three major OMCs to not revise fuel prices for the time being, two people in the government said. This informal directive follows the talks between the Centre and states on cutting taxes and bringing the auto fuels under the good service tax regime not fetching the desired results, so far.
Fitch Ratings on Monday said uncertainty over the bidder consortiums and process complexity, including valuation, may lead to potential delays in privatisation of India's second-largest fuel retailer, Bharat Petroleum Corporation Ltd (BPCL). Affirming BPCL's rating at 'BBB-' with a negative outlook, Fitch said it continues to treat the potential divestment of the company by the Indian government as an event risk. "Bidders are conducting due diligence, but uncertainty over the bidder consortiums and process complexity, including valuation, may lead to potential delays.
