Page 5 - Hpcl

MPCB asks HPCL, Tata Power to cut down production by 50% in Mumbai

Amid growing concerns over the rise in air pollution in Mumbai, the Maharashtra Pollution Control Board (MPCB) said it has asked the Hindustan Petroleum Corporation Limited (HPCL), Tata Power and a few other companies to cut down their production by 50 per cent with an aim to curb pollution. In its press statement on Wednesday, the MPCB said it gave this instruction in the notices issued on October 27 to the HPCL, Tata Power, Aegis Logistics at Mahul and Sealord Containers Ltd at Ambapada located in Trombay area of Mumbai. The MPCB also forfeited the bank guarantee of Rs 10 lakh of Aegis Logistics and Rs 5 lakh of Sealord Containers, it said. A similar notice was sent to the Rashtriya Chemicals and Fertilizers Limited (RCF) in Chembur on Wednesday, in which strict guidelines were issued for it. The board also closed down two ready-mix concrete (RMC) plants in the city, it added. The action comes in the wake of the Brihanmumbai Municipal Corporation's issuance of the standard operat

Petromin, HPCL partner to launch 1,000 vehicle service centres across India

Hindustan Petroleum Corporation Limited (HPCL India) in partnership with Saudi Arabia-based Petromin Corporation on Monday launched the first set of 16 express vehicle service centres in Bengaluru and Chennai. These are the first of 1,000 'HP Petromin Express Centres' planned across the country over the next few years, a joint statement said. Petromin Express India, a subsidiary of Petromin Corporation, had said last month that it will be partnering with HPCL to invest around USD 100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. The Express Centres will offer the walk-in customer basic maintenance services that will be completed in just 30 minutes, the statement said. The business model conceived is expected to generate about 5,000 jobs over the next few years, it said. "The Express Centres are set to totally disrupt the current status of the automotive after-market in India", said CEO, Petromin India & SE Asia, Sanjay Nigam.

HPCL aims to cut diesel purchase from other cos following output boost

Vizag refinery will operate at 13.5 mtpa capacity in the current fiscal year and at full capacity of 15 mtpa in the next fiscal, Bharathan said

Govt constitutes three-member search committee to find new chairman of IOC

The panel will be headed by the government headhunter Public Enterprises Selection Board (PESB) chairperson and will include the oil secretary as a member, an official order said

After BPCL, ONGC signs up HPCL for sale of oil from Mumbai offshore fields

State-owned Oil and Natural Gas Corporation (ONGC) has signed an agreement to sell crude oil it produces from Mumbai offshore fields to HPCL - the second such agreement in as many months, as India's top oil and gas producer prefers term contracts over auctions where refiners hammer deep discounts. In a post on X, formerly known as Twitter, ONGC said it has inked "term agreement with HPCL for sale of crude oil from Mumbai offshore." While it did not give details, sources aware of the matter said the pact for sale of about 4.5 million tonnes per annum of crude oil to Hindustan Petroleum Corporation Ltd's (HPCL) Mumbai refinery. "This is the second term agreement sealed for sale of Mumbai Offshore crude oil post marketing freedom," ONGC said. Last month, ONGC had signed a similar pact to sell 4 million tonnes per annum plus an optional 0.5 million tonnes of crude oil to Bharat Petroleum Corporation Ltd (BPCL), which too has a refinery to convert the crude oil into fuels like petrol an

Rising crude, uncertainty ahead of elections keep analysts wary on OMCs

Analysts say the already weakening marketing margins will be a concern ahead as the fate of OMCs remains tied to uncertain crude prices and the inability to raise prices amid the coming elections

BPCL, IOC, HPCL stocks slide 1-3% on reports OMCs may bear LPG subsidy cost

The move is also sentimentally negative for OMC stocks as investors fear that price cuts on petrol and diesel could be next in line ahead of the assembly and general elections

Stocks to Watch on Aug 3: Titan, IndiGo, MMTC, Airtel, Adani Ent, Nykaa

Stocks to Watch today, August 3, 2023: Titan Co reported a lower-than-expected quarterly profit at Rs 770 crore

HPCL net profit zooms to Rs. 6,765 cr in Q1 as marketing margins improve

On a sequential basis, net profit shot up 87 per cent from Rs. 3,608.3 crore in Q4FY23

Hindustan Petroleum results: Net profit at Rs 6,765 cr; income down 1.6%

The total income for Q1FY24 came in at Rs 1,19,761.74 crore, compared to Rs 1,21,829.51 crore year-on-year

Govt to get significant stake in HPCL post preference issue: Officials

Five years after it exited the company, the government is set to get a significant stake in Hindustan Petroleum Corporation Ltd (HPCL) as it looks to infuse equity in fuel retailers that lost money on selling petrol and diesel at discounted rates last year, officials said. The government had in the annual Budget for 2023-24 (April 2023 to March 2024 fiscal) announced Rs 30,000 crore of capital support to state-run fuel retailers -- Indian Oil Corporation (IOC), HPCL and Bharat Petroleum Corporation Ltd (BPCL) -- to support their energy transition and net-zero initiatives. In June, the government asked IOC and BPCL to launch rights issues (to get the capital), and advised HPCL to make a preferential share allotment to the government. Board of IOC earlier this month approved raising up to Rs 22,000 crore by inviting existing shareholders to purchase additional new shares in the company (this type of issue gives existing shareholders securities called rights). BPCL board too has appro

India's gasoline demand likely to recover from late August: HPCL official

The local sale of diesel by private refiners is also denting sales by state-run companies, the official said

Sensex sheds 505 pts from summit, ends 165 pts up; PSU banks crack; IT gain

CLOSING BELL ON JULY 13, 2023: The NSE Nifty50 hit a new high of 19,567, before finishing with a modest gain of 29 points on Thursday. Broader indices ended in red.

HPCL recieves bids to lease part of Chhara LNG terminal on west coast

HPCL aims to commission the terminal, with a planned capacity of 5 million metric tons per year (tpy) in the December quarter, K Sreenivasa Rao told reporters at an event

Indian Oil to raise up to $2.7 billion through rights issue of shares

IOC, the country's top refiner, has not specified which projects the newly raised funds would target

HPCL aims to run Vizag refinery at expanded capacity from early 2024

The two hydrocrackers will upgrade heavier feeds such as vacuum gasoil and bitumen into value-added fuels such as jet fuel, gasoline, and diesel

Power Finance Corp provides Rs 9,187 cr finance to HPCL Rajasthan Refinery

State-owned Power Finance Corporation (PFC) on Thursday said it has provided Rs 9,187 crore finance to HPCL Rajasthan Refinery Ltd. This is the first project where PFC has extended its financial assistance to the refinery and petrochemical sector, a company statement said. PFC is extending its support in nation building not only through the power sector but also in the infrastructure segment, it stated. "PFC, a Maharatna company and India's leading NBFC in the power sector, has extended its financial assistance of Rs 9,187 crore to HPCL Rajasthan Refinery Ltd for its 9 MMTPA refinery-cum-petrochemical complex located at Barmer, Rajasthan," it said. HPCL Rajasthan Refinery Limited (HRRL) is setting up a green-field refinery-cum-petrochemical complex in Barmer district, Rajasthan, at a project cost of Rs 72,937 crore. On July 4, 2023 HRRL executed a loan agreement under a consortium arrangement for Rs 48,625 crore, wherein the share of PFC Ltd was Rs 9,187 crore. HRRL is a Joint Ve

OMCs rally up to 7% on improved outlook; HPCL, IOC scale 52-week highs

In the past one-year, shares of OMCs have risen between 18 per cent and 28 per cent on the back of a fall in crude oil prices. Brent crude prices have corrected 20 per cent in the past one year

Stocks to watch: Adani Transmission, HDFC AMC, ITC, Sun Pharma, Coal India

Stocks to watch on June 20, 2023: From HDFC AMC to Adani Transmission, here are few stocks to watch in Tuesday's trading session

NTPC Green Energy ties up with HPCL Mittal Energy for green hydrogen

State-owned power giant NTPC's arm NTPC Green Energy Ltd and HPCL Mittal Energy Ltd have signed a pact to collaborate in renewable energy and generation of green hydrogen. The two companies envisage to collaborate in the field of Renewable Energy (RE) through sourcing of 250 MW RE-RTC (Round-The-Clock) power to meet the requirement of HPCL Mittal Energy Ltd, and also exploring opportunities in the green hydrogen business & its derivatives (Green Ammonia & Green Methanol). "In order to realise green energy and green hydrogen objectives and the Government of India's efforts towards energy transition, a Memorandum of Understanding (MoU) signed between NTPC Green Energy Ltd (NGEL) and HPCL Mittal Energy Ltd (HMEL) on 19th May 2023," NTPC said in a statement on Friday. The MoU was signed by V V Sivakumar, General Manager at NGEL, and Girish Ghildiyal, General Manager at HMEL. NTPC is India's largest power utility firm, having a core business of power generation with a total ...