The government had relaxed the foreign direct investment norms from the existing 26 per cent to 49 per cent, as a one-off case, to allow Mittal to take a share in the Bathinda refinery.
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
The top-100 wealth creators generated Rs 49 lakh crore during 2014-19, the highest-ever quantum of wealth added, according to Motilal Oswal's Annual Wealth Creation Study 2019. According to the study, Reliance Industries, Indiabulls Ventures and IndusInd Bank are the biggest, fastest and most-consistent wealth creators, respectively. The number of PSUs in the top-100 wealth creators is only nine, namely IOC, BPCL, HPCL, Power Grid Corporation, Petronet LNG, Indraprastha Gas, LIC Housing, Bharat Electronics and NBCC.
NRI steel tycoon L N Mittal pays Rs 500 crore (Rs 5 billion) as first instalment for picking up 49 per cent stake in HPCL's Bhatinda Refinery.
Tata Motors, in collaboration with HPCL, is offering free fuel upto a year for new buyers of Tata and Fiat cars, in Delhi and NCR.
Telecom, steel, and construction stocks witnessed buying
Out of nearly 30 public sector undertakings and assets under 'strategic sale' plan, only the ONGC-HPCL plan has been completed
A fire broke out because of a suspected leakage in an oil pipeline passing through a land owned by the Mumbai Port Trust in Wadala in central Mumbai, but no one was injured.
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
This is the second highest divestment proceeds in a financial year.
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
These have been selected based on the earnings growth prospects and favourable (buy) ratings by brokerages
Fuel retailers sell diesel, domestic LPG and kerosene at government controlled rates which are below market price. The loss they thus incur is made good through cash subsidy from the government and dole from upstream firms like Oil and Natural Gas Corporation.
Shankar Sharma of First Global says that earnings for HPCL, BPCL can quadruple, factoring in oil bonds.
Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent, traders said.
Larsen and Toubro, I-flex and Hindustan Petroleum Corporation were presented PHD Chamber of Commerce and Industry Awards for Excellence 2004 on Friday.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
No casualties were reported.
State-owned oil companies IOC, BPCL and HPCL are likely to post net losses in the first quarter of the current fiscal as a result of selling fuel below cost price.
Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem Soleimani in an airstrike by the US in Baghdad.
The plan to merge big PSU oil firms can help India attain oil security and provide strong competition to global majors, who now plan to enter India.
State governments in Punjab, Gujarat, Maharashtra and Jammu & Kashmir are on high alert and have come up with contingency plans to ensure the security of residents in case of a war.
The headline numbers may reflect that the stock markets are down very sharply. But look deeper and you will find that the major reason why the stock market has declined in the recent past was on account PSUs!
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
This is the second hike in diesel price this month.
If you use customised cards that suit your lifestyle needs, you could also end up availing of a variety of deals, rewards, and discounts.
bp had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel stations owned by RIL for $1 billion.
Be careful while investing at the current levels and stay away from stocks of leveraged companies.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
To help them make up for the revenue lost on selling auto and cooking fuel below cost.
Top losers in the Sensex pack included M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent. The broader NSE Nifty settled 79.80 points, or 0.72 per cent, down at 10,996.10.
India's fuel consumption slumped by over 66 per cent in the first week of April as a nationwide lockdown halted economic activity and travel, which eviscerated demand. Petrol and diesel demand is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, industry officials said.
The state-owned Hindustan Petroleum Corporation Ltd has posted a 95 per cent increase in the net profit at Rs 1537.36 crore (Rs 15.37 billion) for the financial year ended March 31, 2003 as against Rs 787.98 crore (Rs 7.88 billion) in 2001-02.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances