Page 3 - Indian Oil Company

Govt halves support to oil firms, defers filling strategic oil reserves

The government has halved the amount of equity infusion in state-owned fuel retailers to Rs 15,000 crore for supporting their investments in energy transition projects, the finance ministry has said. Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for 2023-24 fiscal (April 2023 to March 2024) announced equity infusion of Rs 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms' energy transition plans. Alongside, she had also proposed Rs 5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions. That plan has also been deferred in view of emerging trends in oil markets, the finance ministry said. While other state-owned oil companies such as Oil and Natural Gas Corporation (ONGC) an

Stocks to Watch today: Bajaj Auto, Tata Steel, Tech M, TVS Motor, IOC, BoB

Stocks to watch on Thursday, January 25, 2024: Among companies announcing Q3 results yesterday, Tata Steel reported a turnaround while IOC and Ceat postged a 10-fold and 5-fold jump in net profit.

IOC Q3 net profit jumps to Rs 9,030 cr on improved marketing margins

The profit in the year-ago quarter was significantly impacted due to under-recoveries arising from higher input costs in the form of crude oil prices

Indian Oil Corp to open 300 ethanol fuel stations, says Nitin Gadkari

India, the world's third-biggest oil importer and consumer, is keen to cut its carbon footprint to meet its 2070 net-zero carbon goal

HPCL, BPCL, IOCL: OMCs rally up to 23% in Nov; will they sustain the gains?

Drop in crude oil prices and a bumper profit in Q2 has fuelled the rally so far in oil marketing companies.

Indian Oil posts Q2 profit vs yr-ago loss on strong refining margins

The state-owned company posted a net profit of Rs 12,967 crore ($1.56 billion) for the quarter ended Sept 30

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

Indian Oil, RIL tap Iraqi oil wells amid surging cost of Russian Urals

This reflects India's growing reliance on Russian grades while balancing them out with purchases from Iran suppliers

Indian Oil approves 2 joint ventures to set up compressed biogas plants

The two joint ventures will be formed with IOCL or one of its subsidiaries. In both cases, the two partners will have an equal stake of 50 per cent each

MotoGP Bharat ropes in oil major IndianOil as title sponsor for the event

The first batch of motorcycles started arriving at the Buddh International Circuit, Noida, on Thursday

Indian Oil plans to become '360-degree energy' company, to invest Rs 4 trn

India's top fuel retailer Indian Oil Corporation will invest over Rs 4 lakh crore in this decade to expand oil refining and petrochemical business as well as in energy transition projects as part of a plan to become a '360-degree energy company', its chairman Shrikant Madhav Vaidya said on Friday. IndianOil will invest Rs 1 lakh crore in expanding capacity to refine and turn crude oil into fuel and a staggering Rs 2.4 lakh crore in projects that will help it achieve net-zero carbon emissions from its operations. Another Rs 60,000 crore is planned to be invested in setting up a giant petrochemical complex at Paradip in Odisha. These investments will help the company continue to meet the rising energy needs of a fast-expanding economy while also treading on the path of the energy transition, he told company shareholders at the annual general meeting. Vaidya said the past year witnessed waves of volatility that rocked the global energy dynamics but IOC kept its promise of fuelling the

Indian Oil Q1FY24 results: Net profit at Rs 13,750 cr YoY; revenue down 12%

The revenue from operations for Q1FY24 came in at Rs 2.2 trillion, compared to Rs 2.5 trillion last year

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

Indian Oil, Praj enter JV to advance biofuels production capacity in India

Various biofuels covered under the memorandum of understanding (MoU) include sustainable aviation fuel (SAF), ethanol, compressed biogas (CBG), biodiesel, and bio-bitumen

OMCs log 52-week high on fund raising plan; HPCL, BPCL, IOC gain up to 4%

Fitch ratings have said that announcements of plans to raise equity capital by BPCL and IOC should strengthen their capex spending and the credibility of their emission-reduction plans.

Rosneft planning to build greenfield refinery in India with state refiners

Indian Oil Corporation and Bharat Petroleum are expected to be likely candidates for the JV

Indian Oil posts first profit increase in 5 quarters as crude prices cool

IOC's revenue from operations rose almost 10% to Rs 2.26 trillion

Centre to infuse equity in 3 OMCs after they announce capex plans: Report

OMCs, however, are concerned that equity infusion might impact their share price, market valuation and market perception

F&O Call: Nandish Shah recommends Bull Spread strategy on IOC

The derivative analyst from HDFC Securities recommends to Buy IOC 83 Call and simultaneously SEll 85 Call of the January expiry.

Indian Oil chairman will soon also be its managing director, say sources

Most big listed companies globally are run by a managing director or CEO and a chairman presiding over the board of directors with the primary responsibility of protecting the interests of investors. But, India's largest oil company Indian Oil Corporation (IOC) is an exception for never having a managing director or CEO in its 63 years of existence. IOC, the nation's largest oil refiner and retailer of fuels like petrol and diesel, has always been headed by a chairman, who has also discharged the role of a managing director or CEO. But this is likely to change soon with the Oil Ministry agreeing to redesignate the top job as chairman and managing director, sources aware of the matter said. The company has long been demanding for such a change to bring it on par with other large public sector and private firms. That demand has now been agreed to by the firm's parent administrative ministry and is now awaiting concurrence of the Ministry of Corporate Affairs (MCA), they added. IOC ..