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After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> 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 back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they 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 they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. 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, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<ul><li>Last April, BPCL and other state fuel retailers froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. </li><li>That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. </li><li>The consolidated net profit of ₹ 10,644.30 crore in April-June compared to a net loss of ₹ 6,147.94 crore in the same period last year. </li></ul>State-controlled <keyword id="155363" type="General" weightage="20" keywordseo="bharat-petroleum-corporation-ltd" source="Orion">Bharat Petroleum Corporation Ltd</keyword> (BPCL) on Wednesday reported a net profit of ₹ 10,644 crore in the June quarter as a freeze on the retail selling price of petrol and diesel despite a fall in oil prices helped turn around fuel marketing margins. The consolidated net profit of ₹ 10,644.30 crore in April-June (first quarter of current 2023-24 fiscal year) compared to a net loss of ₹ 6,147.94 crore in the same period last year, according to a company's filing with the stock exchanges. The earning in the first quarter was 55 % higher than the net profit of ₹ 6,870.47 crore in the preceding January-March quarter. In early April last year, BPCL and other government-owned fuel retailers - Indian Oil Corporation (<keyword id="6354733" type="General" weightage="20" keywordseo="ioc" source="Orion">IOC</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>) - froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. Margins on petrol and diesel turned positive following softening of international oil prices in the June quarter, but rates were not revised, and the companies recouped losses they incurred last year. The fall in oil prices meant that revenue from operations for BPCL dipped 7 % to ₹ 1.28 lakh crore. The company earned $12.64 on turning every barrel of crude oil into fuel during the quarter ended June 30 against a gross refining margin (GRM) of $27.51 per barrel in the same period last year, the filing said. BPCL also accounted for a ₹ 24.51 crore foreign exchange gain against a forex loss of ₹ 962.53 crore in April-June 2022. Its EBITDA rose 41.8 % quarter-on-quarter to ₹ 15,809.7 crore in April-June. The profit BPCL reported in April-June is multiple times higher than the total net profit of ₹ 2,892.34 crore in the full 2022-23. Freeze on petrol and diesel prices IOC, BPCL and HPCL temporarily abandoned the daily price revision last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are recouped with rates dropped. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But in May, margins on diesel turned positive with a small 50 paise a litre profit, they said. International oil prices had spiked to $139 per barrel in March 2022 in the aftermath of the Russia-Ukraine war. They cooled to $75 during May-June. At peak, oil firms lost ₹ 17.4 per litre on petrol and ₹ 27.7 a litre on diesel. In the October-December quarter, oil firms earned ₹ 10 a litre margin on petrol but lost ₹ 6.5 on diesel. In the following quarter, the margins on petrol moderated to ₹ 6.8 a litre while diesel earned ₹ 0.5 per litre. Officials said oil prices have firmed up this month, and the basket of crude oil that India buys has averaged $79.37 per barrel so far, making a reduction in rates difficult. Holding prices when input cost was higher than retail selling prices led to the three firms posting net earnings loss. They posted a combined net loss of ₹ 21,201.18 crore during April-September despite accounting for ₹ 22,000 crore announced but not paid LPG subsidy. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly $140 per barrel in March 2022 after Russia invaded Ukraine before sliding on weaker demand from top importer China and worries of an economic contraction. But, for a nation that is 85 % dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, the three fuel retailers, who control roughly 90 % of the market, froze petrol and diesel prices for the longest duration in at least two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a ₹ 10 a litre hike in petrol and diesel prices from mid-March before another round of excise duty cut rolled back all of the ₹ 13 a litre and ₹ 16 per litre increase in taxes on petrol and diesel effected during the pandemic. That followed the current price freeze that began on April 6, which still continues. (With inputs from PTI)

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

<ul><li>The rise in profits was largely backed by a 43.22 per cent fall in its total expenditure during the period under review to Rs 48,284.06 crore.</li><li>Revenue from operations of the company, however, declined 41 per cent on a year-on-year basis to Rs 50,616.92 crore.</li><li>In a regulatory filing, the company said that the market sales of the company for the quarter ended June were lower at 7.53 MMT when compared to 11.11 MMT achieved a year ago.</li></ul> <keyword id="75662" type="CITY" weightage="20" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corporation Ltd (<keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword>), the highlight among the host of state-run companies put on the block by the government, has reported a 93 per cent increase in its standalone net profit for the April-June quarter at Rs 2,076.17 crore. During the corresponding period of last fiscal, the company had reported a standalone net profit of Rs 1,075.12 crore. The rise in profits was largely backed by a 43.22 per cent fall in its total expenditure during the period under review to Rs 48,284.06 crore. Revenue from operations of the company, however, declined 41 per cent on a year-on-year basis to Rs 50,616.92 crore. In a regulatory filing, the company said that the market sales of the company for the quarter ended June were lower at 7.53 MMT when compared to 11.11 MMT achieved a year ago. "The Average Gross Refining Margin (GRM) of the corporation during the quarter ended 30th June 2020 is $0.39 per barrel (April-June 2019: $2.81 per BBL)," it said. It said that the outbreak of Covid-19 globally and resultant lockdown in many countries, including India, had an impact on the business of the corporation. "Consequently, lower demand for crude oil and petroleum products has impacted the prices and therefore refining margins globally. Since petroleum products are covered under essential services, the refining and marketing operations of the corporation were continued during the lockdown period," BPCL said. During this quarter, there was lower refinery throughput and revenue from operations which was mainly due to lower demand of petroleum products, the company said in its filing. However, with the gradual reopening of the economy, BPCL expects the refinery throughput and revenue from operations will improve and will be at normal levels, post Covid-19 impact and removal of complete lockdown restrictions. "Management has assessed the potential impact of Covid-19 based on the current circumstances and expects that there will be no significant impact on the continuity of operations of the corporation, on useful life of the assets, on financial position etc. on a long term basis," it said. As announced last year, the company is up for strategic sale, wherein the government plans to sell 52.98 per cent in the oil major along with the transfer of management control. The response from prospective buyers, however, has not been as expected, largely due to the pandemic and the deadline for the submission of Expressions of Interest (EoI) has been deferred for the third time till September 30. The government's decision of strategic sale of the profit-making PSU, has, however drawn criticism from several quarters. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-how-indias-74th-independence-day-celebrations-will-take-place-this-year/slidelist/77523536.cms">Here’s how India’s 74th Independence Day celebrations will take place this year</a> <a href="https://www.businessinsider.in/careers/news/how-much-deloitte-kpmg-ey-and-pwc-accountants-and-consultants-make-from-entry-level-to-executive-roles/articleshow/77533447.cms">How much Deloitte, KPMG, EY, and PwC accountants and consultants make, from entry level to executive roles</a> <a href="https://www.businessinsider.in/science/news/a-dwarf-planet-between-mars-and-jupiter-has-a-salty-ocean-beneath-its-surface-making-it-a-contender-for-alien-life/articleshow/77495476.cms">A dwarf planet between Mars and Jupiter has a salty ocean beneath its surface, making it a contender for alien life</a>

Bharat Petroleum reports 93% increase in its standalone net profit for April-June quarter

New Delhi, Feb 14 () State-owned Bharat Petroleum Corp Ltd's net profit trebled in the quarter ended December 2019 as refinery margins rose and inventory losses reduced, its Director-Finance N Vijaygopal said. Consolidated net profit in October-December at Rs 2,051.43 crore was higher than Rs 698.62 crore profit in the same period a year back. The profit was higher as the company had suffered "a huge inventory loss" in the third quarter of 2018-19 fiscal, he said, adding the company recorded an inventory gain of Rs 100 crore in October-December 2019 as compared to an inventory loss of Rs 2,000 crore in the previous year. Also, foreign exchange losses reduced from Rs 450 crore to Rs 96 crore and the company's crude oil processing and retailing performance improved, he said. An inventory loss is recorded when a company buys raw material (crude oil) at a given price but by the time it is able to ship it to India and convert it into fuel, rates have fallen. And since the prices are benchmarked to international rates, an inventory loss is booked. Inventory gain is recorded when the reverse happens. The company earned USD 3.23 on turning every barrel of crude oil into fuel in the third quarter of current fiscal as compared to a gross refining margin of USD 2.78 per barrel in the same period of the previous financial year, he said, adding cracks or margins on petrol have been good. Revenue from operation dropped to Rs 85,926.70 crore from Rs 89,324.86 crore a year ago on lower oil prices. BPCL said pre-tax profits from its mainstay oil refining and fuel market business jumped to Rs 2,246.88 crore in October-December 2019 from Rs 637.89 crore a year ago. ANZ ABM

BPCL Q3 net trebles on reduction in inventory losses

New Delhi, Feb 13 () State-owned Bharat Petroleum Corp Ltd (BPCL) on Thursday reported near trebling of net profit in the December quarter to Rs 2,051.43 crore. BPCL had posted a net profit of Rs 698.62 crore in October-December 2018, the company said in a regulatory filing. Revenue from operation dropped to Rs 85,926.70 crore from Rs 89,324.86 crore a year ago on lower oil prices. BPCL said pre-tax profits from its mainstay oil refining and fuel market business jumped to Rs 2,246.88 crore in October-December 2019 from Rs 637.89 crore a year ago. ANZ RVK

BPCL net trebles to Rs 2,051 cr in Q3

<ul><li>The SGX <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> was trading nearly a percent higher.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid mixed cues from the global market, Indian stock-market indices are likely to open lower on Friday. On Thursday, the Dow Jones Industrial Average fell 0.29% or 80.12 points, due to the newly-released US unemployment data. However, at 8:05 am, the SGX Nifty was trading nearly a percent higher. These are the <keyword id="6354298" type="DEFINITION" weightage="20" keywordseo="Stocks">stocks</keyword> to watch out for during the trading session on August 14: <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> Domestic steel major Tata Steel posted a consolidated net loss of ₹4,648.13 crore for the quarter ended June, mainly on account of reduced income. However, on a standalone basis, the company managed to maintain profitability despite a significant reduction in income. According to the filing, Tata Steel posted a standalone net profit of ₹1,193.27 crore in the quarter under review, down from ₹ 1,538.99 crore last year. The shares of Tata Steel ended flat yesterday. <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> Bharat Petroleum Corporation Ltd (BPCL), the highlight among the host of state-run companies put on the block by the government reported a 93% increase in its standalone net profit for the April-June quarter at ₹2,076.17 crore. The rise in profits was largely backed by a 43.22% fall in its total expenditure during the period under review to ₹48,284.06 crore. The shares of BPCL ended nearly 1% lower yesterday. <keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> The country’s largest two-wheeler maker Hero posted a 95.38% decline in consolidated net profit at ₹57.78 crore for the first quarter ended June 30, on account of lower sales due to the coronavirus pandemic. The total income during the quarter under review declined to ₹3,119.22 crore as compared with ₹8,410.41 crore in the year-ago period. The shares of Hero ended nearly 2% lower yesterday. <keyword id="80296" type="CITY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword> Eicher Motors arm VECV acquired Volvo Group’s bus business in India for ₹100.5 crore. Definitive agreements have been signed for the integration of Volvo Bus India (VBI) business into VECV, Eicher Motors said in a statement. The company also reported a consolidated net loss of ₹55 crore for the first quarter ended June 30, with sales adversely hit due to COVID-19 pandemic. The shares of Eicher ended over 2% lower yesterday. Bank of India The board of the Bank of India has approved raising up to ₹8,000 crore by preferential issue, QIP, further public offer, etc. The shares of BoI ended over 1% lower yesterday. Jindal Steel and Power Jindal Steel and Power Ltd (JSPL) has started supplying head hardened (HH) rail to Rail Vikas Nigam Ltd (RVNL) for the Kolkata Metro’s Joka-Esplanade corridor. HH rails are used in high-speed freight corridors and metro rail projects. In a statement, JSPL said the company was selected by RVNL after a bidding process to supply 3,000 tonnes of HH rails for Kolkata metro rail tracks. The shares of JSPL ended nearly 2% higher yesterday. SpiceJet and IndiGo SpiceJet's passenger load factor in July was at 70% up from 68% in June. However, the market share declined from 16.8% in June to 15.7% in July. Similarly, IndiGo's passenger load factor in July was almost flat at 60.2%. However, its market share in July was up at 60.4% compared to 52.8% in June. The shares of SpiceJet and IndiGo ended over 2% and 12% higher, respectively, yesterday. Hindalco, Berger Paints, Glenmark Pharmaceuticals, Voltas These companies are slated to report their first quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms" data-type="tilCustomLink">Eicher Motors registers first-ever net loss of ₹55 crore in at least a decade</a> <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-best-bet-for-future-profit-is-paypay-in-japan-built-on-vijay-shekhar-sharma-paytm-model-in-india/articleshow/77518892.cms" data-type="tilCustomLink">Masayoshi Son’s best bet for future profit is PayPay in Japan⁠ — built on Vijay Shekhar Sharma’s Paytm model in India</a>

Top stocks to watch today—IndiGo, SpiceJet, Hero MotoCorp, BPCL, Tata Steel, Glenmark Pharma and others

<ul><li><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> is reportedly in talks to sell a 25% stake in its <keyword id="6394038" type="UNKNOWN" weightage="20" keywordseo="refinery">refinery</keyword> and petrochemicals unit to <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>. </li><li>The deal with Aramco - dubbed the world’s most profitable company after it reported a net income of $111 billion last year (twice as much as Apple) - is expected to net $10 billion for Reliance. </li><li>The deal will allow Reliance to finance the expansion of its refinery in <keyword id="6361405" type="LOCATION" weightage="20" keywordseo="jamnagar">Jamnagar</keyword>, Gujarat. </li></ul>Mukesh Ambani’s Reliance Industries is reportedly in talks to sell a 25% stake in its refinery and petrochemicals unit to Saudi Aramco, the state-owned <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword> company of <keyword id="50996" type="LOCATION" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword>, according to a <a href="https://www.bloomberg.com/news/articles/2019-04-17/reliance-said-to-weigh-refinery-unit-stake-sale-to-aramco-adnoc">Bloomberg </a>report citing sources. The deal with Aramco - dubbed <a href="https://www.nytimes.com/2019/04/01/business/saudi-aramco-profit.html">the world’s most profitable company</a> after it reported a net income of $111 billion last year (twice as much as Apple) - is expected to net $10 billion for Reliance. Markets responded positively to the news, with Reliance's share price up by more than 2% at the close of trading yesterday. In fact, Hemang Jani, the Senior VP of Sharekhan, told ET that he expected a 12-14% upside for Reliance's shares, given the benefit of securing a deep-pocketed investor for one of it's core operations. However, discussions are still at an early stage, They follow <a href="https://www.theweek.in/news/biz-tech/2018/12/18/saudi-arabia-reliance-refinery-petrochem.html">a round of talks </a>in December between Ambani and Khalid al Falih, Saudi Arabia’s oil minister, over potential petrochemical and refinery investments in India. Interestingly, the latter also made it to the wedding of Ambani’s son Akash <a href="https://www.telegraphindia.com/business/saudi-oil-minister-on-second-india-visit/cid/1686508">last month</a>. The refinery and petrochemicals business is extremely important to Reliance’s bottom line, contributing <a href="https://www.livemint.com/companies/news/reliance-eyes-higher-valuation-for-refining-arm-in-likely-aramco-deal-1555500439610.html">three-quarters of its operating profit</a>. The deal makes sense for Reliance. “It is eyeing the expansion of its refinery in Jamnagar and wants to get another investor on board” says Deven Choksey, MD of K R Choksey Securities. “Reliance wants to increase the capacity of the refinery to 100 million tonnes” adds Choksey. “Hence, the investment from Aramco will strengthen its balance sheet, divide the risk and fund the addition of a new plant at the refinery”. Furthermore, the conglomerate will likely use the proceeds from the deal to pay down its increasing debt obligations, which have ballooned <a href="https://www.bloomberg.com/news/articles/2019-04-17/reliance-said-to-weigh-refinery-unit-stake-sale-to-aramco-adnoc">to $32 billion</a> by the end of 2018, following investments in its telecommunications business, Jio. Aramco has also been eyeing the Indian market for a while now and the deal with Reliance will give it a stronger presence in the country’s downstream energy sector. However, that isn’t the only investment it is weighing. Last July, Saudi Aramco and ADNOC, Abu Dhabi’s state oil firm, decided to join hands <a href="https://www.businessinsider.in/saudi-arabia-has-big-plans-for-indias-energy-sector/articleshow/66236777.cms">on a $44 billion refinery project </a>in <keyword id="94802" type="LOCATION" weightage="20" keywordseo="Ratnagiri">Ratnagiri</keyword>, which is in the Indian state of Maharashtra. The two state-backed oil producers are taking a 50% stake in the Ratnagiri project, which is expected to produce 1.2 million barrels per day, while the other half will be owned by a consortium of Indian refiners such as IOC and BPCL. Sources say that Aramco <a href="https://www.thehindubusinessline.com/companies/aramco-will-stay-committed-to-ratnagiri-project/article26866612.ece">is still committed to the Ratnagiri project,</a> regardless of the outcome of deal talks with Reliance. SEE ALSO: <a href="https://www.businessinsider.in/aramco-heres-everything-you-need-to-know-about-the-worlds-most-profitable-companys-debut-bond/articleshow/68814827.cms">Aramco: Here's everything you need to know about the world's most profitable company's debut bond</a> <a href="https://www.businessinsider.in/mukesh-ambani-versus-amazon-walmart-in-india/articleshow/68918092.cms">Mukesh Ambani is clearing the way for the launch of his e-commerce business</a>

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After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

PTI

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

BI India Bureau

Bharat Petroleum reports 93% increase in its standalone net profit for April-June quarter

IANS

BPCL Q3 net trebles on reduction in inventory losses

PTI

BPCL net trebles to Rs 2,051 cr in Q3

PTI

Top stocks to watch today—IndiGo, SpiceJet, Hero MotoCorp, BPCL, Tata Steel, Glenmark Pharma and others

Navdeep Yadav

Mukesh Ambani might net billions by selling a stake in his refinery business to the ‘world’s most profitable company’

Dilsher Dhillon

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