Page 3 - Indian Oil Corporation

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 ...

SM Vaidya steps down as Indian Oil Corp's chairman as tenure ends

S M Vaidya on Saturday stepped down as chairman of Indian Oil Corporation (IOC) at the conclusion of his tenure. "A chemical engineer with over 37 years of experience, Vaidya has been a pivotal force in steering IndianOil to unprecedented heights," the company said in a statement. Since taking over the reins in July 2020, Vaidya led IOC through a period of extraordinary growth. Under his leadership, the company's net profit surged from Rs 1,313 crore in FY20 to an all-time high of Rs 39,619 crore in FY24. Revenue from operations also saw a significant growth, rising by 53 per cent from Rs 5,66,354 crore to Rs 8,66,345 crore during the same period. Additionally, IOC's market capitalisation tripled, reaching its highest levels ever in February 2024. His tenure was marked by his commitment to innovation, sustainability, and operational excellence. He championed the development of specialised fuels such as 'STORM' & 'STORM-X', the ultimate racing fuels; India's first 100-octane fuel,

Top 5 NSE 500 index high dividend yield stocks: Buy or sell strategy here

IDFC, Vedanta and oil marketing stocks among top dividend yield NSE 500 companies; Technical charts suggest up to 14% upside for these stocks; track these key levels.

IOC cancels green hydrogen tender again after bidders' disinterest

Only two parties submitted bids for company's tender to construct India's inaugural green hydrogen plant in Panipat

After record profits, state-owned fuel retailers see profit slump in Q1

After reporting record profits, state-owned fuel retailers Indian Oil Corporation (IOC), BPCL and HPCL posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year .

Indian Oil Q1FY25 results: PAT plunges 81% to Rs 2,643 cr on low margins

IOC's average gross refining margin - the profit from making refined products from one barrel of oil - fell to $6.39 per barrel from $8.34 per barrel a year ago

Derivative strategy: Nandish Shah of HDFC Sec suggests Bull Spread on IOC

F&O strategy for Indian Oil stock: IOCL share price has broken out on the daily chart to close at highest level since February 2024 with a sharp rise in volumes

Largest oil firm IOC targets $1 trillion revenue by 2047: Chairman Vaidya

Indian Oil Corporation, the nation's largest oil firm, is targeting to become a USD 1 trillion company by 2047, combining growth in traditional oil refining and fuel marketing with clean energy avenues like green hydrogen and EV charging, its chairman said. Indian Oil Corporation (IOC) posted a record net profit of Rs 39,619 crore (USD 4.7 billion) on a revenue of Rs 8.66 lakh crore (USD 104.6 billion) in the 2023-24 (April 2023 to March 2024) fiscal. The company will continue to invest in fossil fuels and new energy avenues to have a balanced portfolio that will help achieve net-zero carbon emissions by 2046, company chairman Shrikant Madhav Vaidya said in its latest annual report. It will expand oil refining capacity, and invest in petrochemical units that will convert crude oil into value-added chemicals directly, while also increasing its focus on gas, biofuels and clean mobility. "With India's economy on the rise, the energy needs of the country are growing exponentially. As '

IOC's green hydrogen tender: Only two bids after first cancellation

Indian Oil Corporation's second attempt to secure bids for India's first green hydrogen plant at Panipat has received only two bids, amid allegations of favouritism and restrictive pre-bid conditions

India in talks with Norway's Equinor for oil reserves, says report

State-run Indian Oil Corporation was in talks with nearly a dozen liquefied natural gas suppliers for long-term supply contracts

CIPL bags Rs 114 crore IT infra maintenance project from Indian Oil

Technology solutions company CIPL on Wednesday said it has secured a Rs 114-crore project from Indian Oil Corporation Limited (IOCL) for the comprehensive maintenance of IT infrastructure of the public sector petroleum major. The contract will be carried out over a period of three years, starting from June 2024 and ending in May 2027. "Corporate Infotech Pvt. Ltd. (CIPL) has secured a landmark contract from Indian Oil Corporation Limited (IOCL) for the comprehensive annual maintenance of IT infrastructure across all divisions of the state-owned company," CIPL said in a statement. As part of the contract, CIPL will deploy more than 400 engineers to manage the regular maintenance of IT infrastructure across 131 locations of Indian Oil nationwide. "The contract, valued at Rs 114 crore, pertains to annual maintenance and Facility Management Services (FMS) for all divisions of Indian Oil across the country," the statement further said. Noida-based CIPL has earlier served several PSUs .

IOCL, Sun TV, Cochin Shipyard, Bosch, among eight stocks to watch on May 27

Stocks to watch on May 27: Bosch showed a 4.2 per cent YoY increase in revenue to Rs 4,233 crore, with a notable 41.7 per cent rise in net profit to Rs 564 crore

After lacklustre Q4 results, headwinds persist for Indian Oil stock

The core GRM per barrel in Q4FY24 was actually around $10.6 and the core GRM for FY25-26 could bottom out at $9

Indian Oil resumes buying Russian crude oil delivered on Sovcomflot ships

The acceptance of Sovcomflot tanker by the country's largest refiner carries significance as it could embolden other smaller refiners to also use Sovcomflot vessels for their oil purchases from Russia

Q4FY24: Indian Oil, REC, Havells India among 56 firms to post results today

Q4 FY24 results: Adani Energy, Adani Total Gas, Central Bank of India, Indus Towers, Procter & Gamble Hygiene & Health Care, Castrol India to post financial results

BPCL, HPCL, IOC shed up to 8% on petrol, diesel price cut, margin worries

Analysts expect OMCs to trade lower in the near-term given the retail price cut and elevated brent crude prices of $85/bbl

IOC to become first Indian firm to manufacture fuel for Formula 1 cars

Indian Oil Corporation Ltd (IOC) - the nation's top oil firm - will in three months start manufacturing fuel used in adrenaline-pumping Formula One or F1, motor racing as it looks to expand its basket of niche fuels. IOC, which already has three branded fuels, including high-selling XtraGreen diesel, on Wednesday unveiled 'Storm' petrol that it will supply for the Asian region motorcycle road racing championship. "Today, we are partnering with FIM Asia Road Racing Championship for the supply of 'Storm'. We are the first company in India to manufacture fuel of specifications used in road racing," IOC Chairman Shrikant Madhav Vaidya said. IOC will supply fuel for all the motorcyclists from 15 countries that will participate in the FIM Asia Road Racing Championship. "Our R&D (research and development) in two months will be able to produce Category-1 fuel and in three months Formula 1 fuel," he said. "Unless we go to F1, the journey is not complete." 'Storm - Ultimate Racing Fuel' is

Servotech Power gets Rs 111 cr EV charger supply order from Indian oil

Green charging solutions provider Servotech Power Systems Ltd on Friday said it has bagged a Rs 111-crore order from Indian Oil Corporation and other original equipment manufacturers (OEMs) for the supply of 1,400 DC fast chargers. The company will manufacture, supply and install 1,400 DC chargers in two variants of 60 kW and 120 kW, the company said in a statement. The DC charger will be installed at Indian Oil petrol pumps and other prioritised locations, it said. The company in February bagged two orders that comprised a contract for 1,500 DC fast EV chargers from Hindustan Petroleum Corporation Ltd (HPCL) and OEMs, and another for 1,800 DC EV chargers from Bharat Petroleum Corporation Ltd (BPCL). With the latest project, the total number of EV charger orders from oil marketing companies and EV charger OEMs stands at 4,700 units, it said. Servotech aims to install all these chargers by the end of FY 2024-25.

HPCL, BPCL, IOC slip up to 4% after CLSA recommends Sell; sees 37% decline

Analysts at CLSA believe that HPCL, BPCL and IOC were pricing-in much higher than historical marketing margins, and a notable premium to the global peers

Fuel retailers post Rs 69K cr profit in Apr-Dec, higher than pre-oil crisis

State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported bumper profit totalling over Rs 69,000 crore in the first nine months of the current fiscal which far exceeded their annual earning in pre-oil crisis years. The combined net profit of IOC, BPCL and HPCL in April-December FY24 was better than their annual earning of Rs 39,356 crore in pre-oil crisis year, regulatory filings by them showed. The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that their past losses have not been fully recouped. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw .