Page 2 - Indian Oil Corporation Ltd

OMC stocks seem attractive after earnings decline and correction

Resumption of more frequent revision in retail prices could be a driver. Policy risk appears low

Jefferies upgrades Indian Oil to 'Buy', lifts target to Rs 185; share up 2%

The uptick in the Indian Oil share came after Jefferies upgraded the company to 'Buy'. The brokerage also raised the target price to Rs 185 per share, according to reports

Blast in storage tank causes fire at IOCL Vadodara refinery; 1 dies

A fire broke out at the Indian Oil Corporation (IOCL) refinery in Vadodara on Monday following a blast in its storage tank, a police officer said. No casualties are reported and the final head count is being conducted, said Vadodara Police Commissioner Narasimha Komar, adding that things are under control. The blast at the IOCL refinery in the Koyali area on the outskirts of Vadodara occurred at 4 PM, triggering the blaze. Visuals showed thick plumes emerging from the refinery which can be seen from kilometres away. Several workers were evacuated and can be seen exiting the IOCL campus. "A benzene storage tank caught fire after a blast at the refinery. They (IOCL) have isolated the affected storage unit. Fire tenders are deployed to control the situation," Komar told PTI. The police officer said no casualty has been reported even as the final head count is being done to find if anybody is missing, which prima facie seems unlikely. Komar said fluid circulation in the IOCL complex

RBL Bank aims to grow in credit cards, launches offering with Indian Oil

Private sector lender RBL Bank is aiming to grow its credit card portfolio "moderately" and focus on other aspects like cross-selling to customers, a senior official has said. If the industry grows at 20-25 per cent, the lender would like to increase its credit card outstanding by up to 15 per cent, its business head for credit cards Bikram Yadav said. "We would grow moderately in this segment, and we'll focus on internal unit economics and customer engagements and deeper cross-sell with them," Yadav added. Yadav, who was speaking after the launch of a dedicated offering in association with the largest oil marketing company Indian Oil Corporation, christened 'Xtra Credit Card', added that the other factors are more important than growth for the bank and its focus is on "reasonable" returns on the capital it deploys. It can be noted that the credit card segment has been under the spotlight because of the RBI's discomfort around the riskier unsecured segment growing fast. "The RBI i

V Satish Kumar given additional charge, takes over as IOC chairman

V Satish Kumar on Sunday took over as the chairman of the Indian Oil Corporation (IOC), the nation's largest oil firm. Kumar, who is director (marketing) at IOC, was given additional charge of chairman following delays in finding a full-time chairman. "He will concurrently serve as chairman while continuing in his role as Director (Marketing), a position he has held since October 2021," the company said in a statement. He also held the additional charge of Director (Finance) for one year from October 2022, a period characterised by geopolitical tensions due to the Ukraine-Russia conflict. With a career spanning 35 years, Kumar has served in various regions across the country and held key positions, leading IOC's efforts to maintain its leadership in the marketing of petroleum products. He has also gained extensive experience in engaging with multinational oil companies, serving as non-executive chairman of Indian Oil Petronas Pvt Ltd, a joint venture between IOC and Petronas ...

Satish Vadugiri named interim chairmen for IOC, Rajneesh Narang for HPCL

The government on Wednesday named interim chairmen for top oil firms, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), as appointment of full-time heads is work in progress. Satish Kumar Vaduguri, Director (Marketing), IOC has been appointed interim chairman of the company for three months starting September 1, an oil ministry order said. He replaces Shrikant Madhav Vaidya who completes his extended term at month-end. In a separate order, the ministry appointed Rajneesh Narang, Director (Finance), HPCL as the chairman and managing director of the company for three-month period starting September 1. He would replace Pushp Kumar Joshi who superannuates on completion of 60 years of age on August 31. With government headhunter PESB not finding anyone suitable, three-member search-cum-selection committees are looking for heads at both IOC and HPCL. On August 11, the panel interviewed nearly a dozen candidates and is learnt to have zeroed in on Sandeep Gupta

IOCL to raise refining capacity by 25% by 2050: Shrikant Madhav Vaidya

IOCL to have $1 trillion turnover by 2047, supply 1/8th of India's energy needs

IOCL Q1 result: Net profit falls 75% to Rs 3,528 cr on low refining margins

Lower gross refining margins, higher expenses pulled down revenue to Rs. 2.19 Trillion

Indian Oil to triple gas sales, boost renewable energy to 31 GW by 2030

The company aims to establish a 5 GWh lithium-ion battery production capacity by 2031 as part of its strategy to diversify its energy portfolio

Govt re-initiates process to find new chairman of Indian Oil Corporation

The government has invited applications for the new chairman of Indian Oil Corporation (IOC), ending the uncertainty over continuance of incumbent Shrikant Madhav Vaidya. In an advertisement posted on its website, the Ministry of Petroleum and Natural Gas sought applications from engineers, chartered accountants and cost accountants with post graduate management degrees from leading institutions and having at least 5 years experience in leadership roles, by July 3. The age eligibility cut off has been set at not more than 58 years for internal candidates and 57 years for outsiders with 60 years as retirement age, it said. Vaidya, who took over as the chairman of India's biggest oil company on July 1, 2020, was to retire on August 31, 2023 when he attained the superannuation age of 60 years. But he was in a rare move "re-employment on a contract basis" for one year "beyond the date of his superannuation i.e with effect from September 1, 2023, till August 31, 2024," according to an ..

Govt asks state-run oil refiners, RIL to jointly negotiate Russia oil deal

Reliance is unlikely to share sensitive information with the state oil refiners given they're competitors in the domestic fuel market

Slipping profits in Q4FY24 due to inventory loss, says Indian Oil

IOCL said crude throughput for Q4 reached record levels of 73,308 MMT in FY24

Indian Oil Q4FY24 results: Net profit shrinks 50% to Rs 5,149 crore

Annual net profit up 268% to Rs 43,161 crore, helped by Russian discounts

Indian Oil Q4FY24 results: Net profit falls 49% to Rs 5,148 crore

For the entire financial year, the company reported a rise in net profit by 326.15 per cent at Rs 41,729.69 crore, compared to Rs 9,792.12 crore reported at the end of FY23

Indian Oil Corp set to tap spot oil market as Russian term deal lapses

State-run IOC's term contract with Rosneft expired on March 31, two sources said

Torrent Power up 7%, hits 52 week high on lower spot LNG prices

Shares of power generation company Torrent Power surged up to 7 per cent at Rs 1,512 on Wednesday's intraday trade on BSE

India's oil need stabilises global price and demand: Minister Hardeep Puri

The country has expanded its list of source nations for oil and gas to 39 nations, up from 27 countries two years ago

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

IOC, Gail fail to meet listing norms; fined for second straight quarter

State-owned oil and gas giants including IndianOil and GAIL (India) Ltd have been slapped with fines for the second quarter in a row for failing to meet listing requirements of having the requisite number of independent directors on board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, gas utility GAIL, refiners Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), and Engineers India Ltd Rs 5.42 lakh, stock exchange filings showed. In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it. The fines were for not having the requisite independent directors in the second quarter. They had faced fines for the same reason in the first quarter as well. While the companies have now been slapped with a unifor

Indian Oil Q2 results: Net profit soars to Rs 13,713 cr, beats expectations

The latest quarterly growth comes despite a 12.6% decline in operational revenue