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<ul><li>Hindustan Petroleum (HPCL) shares gained over 7% after the oil refining and marketing giant approved the buyback of 10 crore shares.</li><li>The second-quarter net profit of HPCL more than doubled, led by the surge in refining margins and inventory gains</li><li>The gross sales revenue stood at ₹61,340 crore and was lower than ₹66,165 crore of Q2 of the previous financial year due to lower oil prices.</li></ul>The shares of Hindustan Petroleum (HPCL) gained over 7% after the oil refining and the marketing giant said that its board had approved a proposal to buyback up to 10 crore shares, representing 6.56% of paid-up equity capital of the company, at ₹250 per share. The buyback price represents a 33.88% premium over HPCL’s last closing price on Wednesday. In a regulatory filing on the BSE, HPCL said that the buyback remains at ₹2,500 crore, but the number of shares could be higher than maximum buyback shares (10 crore) if equity shares are bought below the maximum buyback price of ₹250. <div type="image" title="HPCL" msid="79055262" hostid="261"></div> Through the buyback, HPCL’s minority shareholders are looking to get rewarded. The company will finalise the details of the buyback in the next two days. Strong profit growth is the secondary driver The second-quarter net profit of HPCL more than doubled on the back of a surge in refining margins and inventory gains — which is again the other major reason behind HPCL stock rise today. Net profit in July-September came at ₹2,477 crore as compared to ₹1,052 crore a year back, HPCL Chairman and Managing Director Mukesh Kumar Surana told the media on a conference call. “The significant improvement in the profitability in spite of challenges including lockdown due to COVID-19 pandemic was a result of strategic planning in refinery and marketing operation, containing the degrowth to less than the industry, efficient inventory management and effective production placement,” he said. Cheaper crude oil contributed to strong growth The gross sales revenue stood at ₹61,340 crore and was lower than ₹66,165 crore of Q2 of the previous financial year due to lower oil prices. The firm earned $5.11 on turning every barrel of crude oil into fuel in the second quarter of 2020-21 fiscal as compared to a gross refining margin of $2.83 a barrel. This included a $2.33 per barrel inventory gain from buying cheaper crude oil earlier and processing in Q2. This translated into ₹1,780 crore of gain. Besides, the firm also had a forex gain of ₹524 crore, he said. The company said during the quarter, 303 new retail outlets were commissioned taking the total retail outlet network to 17,171 as of September 2020. HPCL also commissioned 37 new LPG distributorships during the quarter, taking the total LPG distributorships to 6,153 as of September 2020. (with inputs from wire services) SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/heres-what-gives-jiomart-an-edge-over-its-competitors-according-to-goldman-sachs/articleshow/79054698.cms" data-type="tilCustomLink">Here’s what gives JioMart an edge over its competitors, according to Goldman Sachs</a> <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-sbi-hcl-tech-srf-basf-happiest-minds-tech-pidilite-pvr-inox-leisure-and-others/articleshow/79054766.cms" data-type="tilCustomLink">Top stock movers — SBI, HCL Tech, SRF, BASF, Happiest Minds Tech, Pidilite, PVR, INOX Leisure, and others</a> <a href="https://www.businessinsider.in/india/news/toxic-haze-chokes-delhi-pollution-levels-enter-severe-zone-highest-since-november-last-year/articleshow/79054990.cms" data-type="tilCustomLink">Toxic haze chokes Delhi, pollution levels enter 'severe zone' – highest since November last year</a>

Here’s why Hindustan Petroleum shares rallied over 7% today

Shares of oil refinery <keyword id="500127" type="DOMAIN" weightage="20" keywordseo="Hindustan-Petroleum-Corporation-Ltd">Hindustan Petroleum Corporation Ltd</keyword>. (HPCL) gained over four per cent to Rs 187.10 (at 2.30 p.m.) on the BSE on Friday after the company announced that it will consider a proposal to buyback shares at its <keyword id="9589025" type="UNKNOWN" weightage="20" keywordseo="next-board-meeting">next board meeting</keyword> on November 4. The HPCL board was to meet on November 4 to consider and approve the financial results of the company for the second quarter and half year period ending September 30 earlier. "We now wish to inform you that in the aforesaid board meeting, the board will also consider a proposal to buyback the fully paid equity shares of face value of Rs 10 each of the company", BPCL said in exchange filing on Thursday after market hours. The decision to buyback shares gave momentum to HPCL shares in trade on Friday. In fact, the company's shares have gained 20 per cent in the last three months even though the gains for S&amp;P BSE Sensex during the period has been just five per cent. With the correction in HPCL stock, minority shareholders could hope to get rewarded on the proposed buy back. The performance of the buyback would, however, be determined on the basis of how attractive the pricing is, brokerages have said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/cricketer-yuvraj-singh-invests-in-nutrition-based-healthtech-startup-wellversed/articleshow/78945260.cms" data-type="tilCustomLink">Cricketer Yuvraj Singh invests in nutrition-based healthtech startup Wellversed</a> <a href="https://www.businessinsider.in/tech/news/the-big-4-tech-companies-amazon-apple-facebook-and-google-blew-past-wall-street-estimates-in-their-latest-quarter-earnings-reports/articleshow/78942589.cms" data-type="tilCustomLink">The Big 4 tech companies — Amazon, Apple, Facebook, and Google — blew past Wall Street estimates in their latest-quarter earnings reports</a>

HPCL shares soar 4% as board considers share buyback on November 4

<ul><li>At 8:00 am, the SGX Nifty was trading 0.54% lower, indicating a weak start for Nifty50. </li><li>Here’s a list of stocks to watch 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>Indian stock market is likely to open in the red. At 8:00 am, the SGX Nifty was down 0.54%, tracking weak global cues from US markets as well as Asian peers. On Wednesday, the Dow Jones Industrial Average closed 0.13% higher and S&amp;P was down 0.46% as tech shares’ weakness outweighed the Fed’s commentary. US’ Federal Reserve has pledged to keep monetary support intact in the near future and indicated that the <a href="https://www.businessinsider.in/stock-market/news/fed-signals-near-zero-rates-will-last-through-2023-to-lift-economy-from-coronavirus-recession/articleshow/78156062.cms">near-zero rates</a> could last through 2023. Here’s a list of stocks to watch for in trade on September 17: Happiest Minds Tech After a bumper subscription in its ₹702 crore IPO last week, the company is geared up to list on stock exchanges today. The grey market premium shows an <a href="https://ipocentral.in/happiest-minds-ipo-gmp-grey-market-premium-trend/">upside of ₹145</a>. The issue was oversubscribed 151 times on the last day of IPO. HCL Tech The tech giant, HCL Tech today <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/a393df27-d142-4bcc-be72-ea6071e6cacc.pdf">announced the expansion </a>of its strategic partnership with Google Cloud to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud. The share price of HCL Tech closed 0.54% lower yesterday. IndiGo and SpiceJet Airlines have sought relief from the government by asking banks and financial institutions to defer repayments of loans to the aviation industry by six months, Puri said in his written reply to a question in the Rajya Sabha. The share price of IndiGo and SpiceJet closed nearly 2% lower on Wednesday. Infosys Despite an uncertain business environment, Infosys CEO Salil Parekh told <a href="https://economictimes.indiatimes.com/tech/ites/hikes-hirings-and-a-visa-workaround-three-cheers-for-infosys-amid-covid-gloom/articleshow/78145983.cms">ET Now</a> that the company has begun to get things moving on salary hikes and promotions. Plans are also afoot to start massive recruitments in many parts of the world including in India soon, he said. The share price of Infosys closed nearly 2% higher on Wednesday. Bharat Petroleum Corporation Ltd According to <a href="https://www.livemint.com/companies/news/bpcl-may-buy-oman-oil-s-share-in-bina-refinery-11600256462193.html">news reports</a>, state-owned BPCL may acquire its peer Oman Oil Company Ltd's stake in the joint venture Bharat Oman Refineries Ltd (BORL). "We will acquire Oman Oil's stake if they are willing to offer. So far there has been on such communication from Oman Oil," said N Vijayagopal, director finance, BPCL told <a href="https://www.livemint.com/companies/news/bpcl-may-buy-oman-oil-s-share-in-bina-refinery-11600256462193.html">Mint</a>. The share price of BPCL closed flat on Tuesday. Hindustan Petroleum The chairman, Mukesh K. Surana at the 68th annual general meeting of state-owned Hindustan Petroleum Corp, said the company would invest over ₹60,000 crore in the next five years to build infrastructure. The share price of HPCL closed nearly 2% lower yesterday. ICICI Bank The board of ICICI Bank has passed a proposal to resume seeking approval from the central bank for the appointment of Sandeep Batra as its whole-time director for five years. The share price of ICICI Bank closed nearly 1% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/fed-signals-near-zero-rates-will-last-through-2023-to-lift-economy-from-coronavirus-recession/articleshow/78156062.cms" data-type="tilCustomLink">Fed signals near-zero rates will last through 2023 to lift economy from coronavirus recession</a> <a href="https://www.businessinsider.in/defense/news/pictures-of-special-indian-army-ambulance-helicopters-trucks-and-tanks-as-soldiers-prepare-for-winter-at-the-india-china-border/slidelist/78149159.cms" data-type="tilCustomLink">IN PICS: Special Indian Army ambulance, helicopters, trucks and tanks as soldiers prepare for winter at the India-China border</a>

Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more

New Delhi, Mar 31 () Shares of oil marketing companies, led by Bharat Petroleum, on Tuesday zoomed up to 15 per cent owing to a fall in crude prices. Bharat Petroleum Corporation Ltd (BPCL) advanced 15.07 per cent to Rs 316.05, Hindustan Petroleum Corporation Ltd (HPCL) jumped 13.12 per cent to Rs 190.15 and Indian Oil Corporation Ltd (IOCL) gained 6.66 per cent to close at Rs 81.65 on the BSE. "Today (on Tuesday), share price of BPCL and HPCL are up owing to fall in crude prices to near 18-year low (crude oil price slipped below USD 20 per bbl). Fall in crude prices leads to an increase in net marketing margins of BPCL, HPCL, and IOCL," Yogesh Patil, research analyst, Reliance Securities, said. The BSE's oil and gas index was the top gainer in the deck, rising 8.72 per cent. Meanwhile, in the equity market, the 30-share BSE Sensex closed in the positive territory, ending 1,028.17 points or 3.62 per cent higher at 29,468.49. SUM HRS

Oil marketing companies gain; BPCL rises 15 pc

<ul><li>The government has reportedly instructed state-owned oil marketing companies - which include the likes of <keyword id="6354412" type="COMPANY" weightage="20" keywordseo="indian-oil">Indian Oil</keyword>, Bharat Petroleum and Hindustan Petroleum - to keep prices stable in April and May as voting gets underway. </li><li>This will go a long way towards keeping consumer sentiment upbeat as India heads to the polls. </li><li>This past weekend, India’s oil minister, Dharmendra Pradhan, met his Saudi Arabian counterpart and asked for his help in keeping oil prices under control.</li></ul>The Modi administration is pulling out all the stops ahead of national <keyword id="6355644" type="DEFINITION" weightage="20" keywordseo="elections">elections</keyword>. From <a href="https://twitter.com/iainmarlow/status/1103552883117551616">full page advertisements</a> touting the success of cabinet ministries to inaugurating <a href="https://www.timesnownews.com/india/article/narendra-modi-national-war-memorial-inauguration-live-updates-pics-address-where-is-national-war-museum-india-gate-new-delhi-amar-jawan-jyoti-amar/371978">war memorials,</a> the government is leaving no stone unturned. And now, the government is doing its best to keep petrol prices in check. It has told state-owned oil marketing companies - which include the likes of Indian Oil, Bharat Petroleum and Hindustan Petroleum - to keep prices stable in April and May as voting gets underway, according <a href="https://economictimes.indiatimes.com/industry/energy/oil-gas/oil-companies-maintain-check-petrol-and-diesel-may-remain-soft-till-elections-end/articleshow/68341666.cms">to media reports. </a> This will go a long way towards keeping consumer sentiment upbeat as India heads to the polls. Any drastic price increases will hurt the government’s re-election chances which is why it will keep state-owned retailers on a short leash for the next few months. In fact, the government is reportedly set to adjust the current pricing practice of revising rates everyday in accordance with international prices and instruct state-owned retailers to absorb a portion of the price hikes themselves. Despite a daily, albeit moderate, <a href="https://oilprice.com/">rise in international crude oil prices</a> since the beginning of March, retail oil prices <a href="https://www.iocl.com/totalproductlist.aspx">stayed the same</a> between March 5th and 8th. This past weekend, <a href="https://oilprice.com/Latest-Energy-News/World-News/Saudi-Indian-Oil-Ministers-To-Meet-On-Saturday.html">the oil ministers of Saudi Arabia and India met</a> to discuss oil prices and investments. India’s oil minister, Dharmendra Pradhan, sought his counterpart Khalid Al-Falih in keeping oil prices under control ahead of elections and stressed the need for uninterrupted supplies of oil to India. 
 
 
 
 
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 However, after the elections, <keyword id="61430" type="PERSON" weightage="20" keywordseo="fuel-prices">fuel prices</keyword> will likely increase at a higher rate than expected, especially as state-owned oil market companies try and make up for the losses they will have to absorb in the next few months. This was seen in the case of the Karnataka state elections in May last year, when petrol and <keyword id="6397171" type="UNKNOWN" weightage="20" keywordseo="diesel-prices">diesel prices</keyword> <a href="https://www.livemint.com/Industry/TyVyUKzWY3tVLVtI53CZIP/Petrol-diesel-prices-hiked-after-Karnataka-elections.html">were hiked considerably </a>after being unchanged in the weeks running up to voting. SEE ALSO: <a href="https://www.businessinsider.in/oil-prices-are-falling-and-thats-great-news-for-the-indian-rupee/articleshow/66768210.cms">Oil prices are falling and that’s great news for the Indian Rupee</a> <a href="https://www.businessinsider.in/the-indian-rupee-just-clocked-its-highest-one-day-gain-since-2013-as-global-oil-prices-plummeted-to-a-yearly-low/articleshow/67158268.cms">The Indian rupee just clocked its highest one-day gain since 2013 as global oil prices plummeted to a yearly low</a>

You won't have to worry about petrol and diesel prices for next two months

Instead of a fortnightly revision, the state-run oil companies are planning to review<a href="http://www.businessinsider.in/searchresult.cms?query=fuel&amp;sortorder=effectivedate"> fuel </a>rates every day, in a bid to be on the same page as many of the advanced markets. 
 
Executives of state-run oil companies such as<a href="http://www.businessinsider.in/searchresult.cms?query=indian+oil+corporation&amp;sortorder=effectivedate"> Indian Oil Corp</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=bharat+petroleum&amp;sortorder=effectivedate">Bharat Petroleum</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=hindustan+petroleum&amp;sortorder=effectivedate">Hindustan Petroleum</a>, have discussed this strategy with Oil Minister Dharmendra Pradhan. 
 
"The idea of daily fuel pricing has been there for sometime. But now we have the technology to implement it. So we will do it," a top executive told ET. 
 Changing <keyword id="61430" type="UNKNOWN" weightage="20" keywordseo="fuel-prices">fuel prices</keyword> on every day basis won’t be a hassle, thanks to <a href="http://www.businessinsider.in/searchresult.cms?query=automation&amp;sortorder=effectivedate">automation </a>at most of the filling stations. 
 
Companies can inform about change of prices through online platforms. 
 
"Daily price revision is about introducing international standards in the Indian fuel retail market. It helps both customers as well as dealers in managing their purchase,” said the executive mentioned above. 
 
If you’re worried about drastic changes, don’t fret as the prices would change just by a few paise. 
 
India lifted price control on diesel in 2014 and on petrol in 2010, which allowed state companies to charge market prices, and encouraged private companies to reenter the fuel retailing business. 
 
At present, state companies review prices at the end of every fortnight and raise or reduce them depending on the prevailing international prices.

Petrol, diesel prices may change every day. Here’s why

State-owned Oil and Natural Gas Corp (ONGC) is keen to acquire India's third-biggest fuel retailer <keyword id="6362419" type="CITY" weightage="20" keywordseo="HPCL">HPCL</keyword> in a Rs 42,254 crore deal after finding <keyword id="75662" type="CITY" weightage="100" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corp Ltd (BPCL) too expensive to buy, according to a news report by PTI. Following up on Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>'s Budget announcement of creating an integrated oil company, ONGC evaluated options of acquiring either <keyword id="170674" type="COMPANY" weightage="20" keywordseo="Hindustan-Petroleum-Corp-Ltd">Hindustan Petroleum Corp Ltd</keyword> (HPCL) or BPCL - the two downstream oil refining and fuel marketing companies. While acquiring either one of them made a lot of business sense, ONGC found the nation's second-biggest fuel retailer, BPCL too expensive, sources privy to the development said. BPCL has a market cap of Rs 1,01,738 crore and buying government's 54.93 per cent would along have entailed an outgo of Rs 55,885 crore. So, ONGC is in favour of acquiring HPCL, which has a market cap of Rs 54,797 crore and buying government's entire 51.11 per cent stake would entail an outgo of Rs 28,006 crore. Another Rs 14,000 crore or so would be required in case open offer has to be made. Sources said while initially the government was looking at creating an integrated oil company through merge of an oil producer with a refiner, the idea was dropped for the fear of not repeating of the Air India-Indian Airlines merger. Similar differences in work culture and ethos prevail in upstream and downstream firms and so the exercise under consideration now is to only help government mop up resources and HPCL would become a mere subsidiary of ONGC. ONGC already has a refining subsidiary in Mangalore Refinery and Petrochemcials Ltd (MPRL). Sources said an open offer to buy another 26 per cent stake from other shareholders of HPCL would at current price cost ONGC another Rs 14,247 crore. As per Sebi's takeover code, if a company acquires more than 25 per cent in another listed company, it has to make an open offer to buy at least 26 per cent more in the target firm. Some reports have suggested that ONGC buying government stake in HPCL may not trigger an open-offer rule as the government's holding is being transferred to another state-run firm and the ownership is not going to change. But sources said that way back in February 2002, state- owned <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (<keyword id="6354733" type="ORGANIZATION" weightage="20" keywordseo="IOC">IOC</keyword>) had acquired government's 33.58 per cent stake in fuel retailer IBP Co Ltd for Rs 1,153.68 crore and had to make an open offer for additional shares. Both IOC and IBP were government owned companies. Sources said the oil ministry and ONGC may try and seek exemption from the open offer to keep the acquisition cost low. ONGC has cash reserve of Rs 13,014 crore and to fund the government stake acquisition in HPCL it will have to borrow at least Rs 18,000 crore, they said. If the open offer is made, additional borrowings would have to be done. There are only six major companies in the oil sector - ONGC and Oil India Ltd being the oil producers, Indian Oil Corp (IOC), HPCL and BPCL in refinery business and GAIL in midstream gas transportation business. The rest such as ONGC Videsh, Chennai Petroleum Corp (CPCL), Numaligarh Refinery Ltd and MRPL are already subsidiaries of one of these six PSUs. Sources said the options were very limited and ONGC chose HPCL over BPCL. HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC's portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries. ONGC already is majority owner of MRPL, which has a 15- million tons refinery. Sources said ONGC buying HPCL will require two sets of Cabinet approval - one where the government approves sale of its all or part of its 51.11 per cent stake to ONGC, and the other for allowing ONGC to spend the money on stake buy.

Bharat Petroleum is too expensive; ONGC plans to buy Hindustan Petroleum

Share prices of the oil marketing companies (OMC) dropped on Tuesday with the scrip of privatisation-bound <keyword id="155363" type="DOMAIN" weightage="20" keywordseo="Bharat-Petroleum-Corporation-Ltd">Bharat Petroleum Corporation Ltd</keyword> (<keyword id="44555" type="DOMAIN" weightage="20" keywordseo="BPCL">BPCL</keyword>) falling over 5 per cent. At 2.16 p.m., BPCL shares on the BSE were trading at ₹441.05, lower by ₹25.95 or 5.56 per cent from its previous close. Its shares fell amid reports of the company selling 4 per cent of treasury shares worth ₹3,774 crore in a bulk deal. Shares of other OMCs also declined on Tuesday with stocks of <keyword id="458519" type="DOMAIN" weightage="20" keywordseo="Indian-Oil-Corporation-ltd">Indian Oil Corporation Ltd</keyword> (<keyword id="181809" type="DOMAIN" weightage="20" keywordseo="IOCL">IOCL</keyword>) trading 3.67 per cent lower at ₹99.75 per share. Hindustan Petroleum Corporation's (<keyword id="6362419" type="DOMAIN" weightage="20" keywordseo="hpcl">HPCL</keyword>) shares were trading at ₹234.60, lower by 3.62 per cent from its previous close. Further, revenues of OMCs are likely to remain under pressure for some time now as official sources indicated that with fuel price rise becoming an election issue, the Centre would not like to further escalate the matter with more increases in the auto fuel prices required in the wake of firming of prices in the global oil market. The halt in retail price hikes, at a time when crude oil prices are surging would put immense pressure on the margins of the oil marketing companies, experts said. The May delivery contract of Brent crude on the Intercontinental Exchange is currently trading above $68 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/craftsman-automation-has-fixed-a-price-band-of-14881490-a-share-for-its-150-crore-ipo/articleshow/81408729.cms">Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stage</a> <a href="https://www.businessinsider.in/business/corporates/news/elon-musks-net-worth-has-eroded-60-billion-in-just-two-months-as-teslas-market-cap-falls-35/articleshow/81407453.cms">Elon Musk’s wealth has eroded $60 billion in just two months as Tesla's market cap falls 35%</a>

Bharat Petroleum plunge 5% amid reports of the company selling 4% of treasury shares

New Delhi, Dec 6 () Shares of oil and gas companies fell on Friday amid reports that OPEC and other major producers are looking to finalise a deal to cut production.
 Oil and Natural Gas Corporation's shares fell 1.71 per cent to Rs 126.60 per unit on the BSE and 1.86 per cent to Rs 126.50 on the NSE.
 Hindustan Petroleum Corporation Ltd (HPCL) saw its stock decline by 1.09 per cent to Rs 263.05 a unit on the BSE and 0.71 per cent on the NSE to Rs 264.
 Shares of Indian Oil Corporation Ltd (IOCL) were down by 1.39 per cent to Rs 124.25 apiece on the BSE and 1.23 per cent on the NSE to Rs 124.40.
 Bharat Petroleum Corporation Ltd (BPCL) scrip slipped 0.65 per cent to Rs 488.30 on the BSE and 0.59 per cent on the NSE to Rs 488.95.
 Shares of Petronet LNG saw a dip of 1.47 per cent to Rs 268.10 on the BSE and 1.61 per cent on the NSE to Rs 268.05.
 According to reports, OPEC and Russia along with other producers were attempting Friday to finalize a deal to cut production in an attempt to support the price of fuel and energy around the world. RUJ SHW
SHW

Oil companies' shares fall on OPEC output cut buzz

New Delhi, Feb 27 () Hindustan Petroleum Corp Ltd (HPCL) on Thursday said it has acquired 17.28 per cent stake in Petronet MHB Ltd, a firm that owns a petroleum product pipeline at Mangalore, for Rs 185.38 crore. HPCL and its parent, Oil and Natural Gas Corp (ONGC), presently hold 32.72 per cent stake each in the company that transports petroleum products. In a regulatory filing, HPCL said Petronet MHB Ltd had a networth of Rs 796.30 crore as of March 31, 2019. "The acquisition will open up possible opportunities for synergy, better cost economics and revenue maximization," HPCL said, adding that no governmental or regulatory approvals are required for the acquisition. The acquisition is expected to be completed by March 31. "The company has entered into a share purchase agreement dated February 27, 2020, with consortium of 8 nationalised banks, who hold equity shares in Petronet MHB Ltd, for acquisition of 9.48 crore equity shares aggregating ot 17.28 per cent of the paid-up equity share capital at a price of Rs 19.55 per share," HPCL said. "Post-acquisition the shareholding of HPCL in Petronet MHB will be about 49.996 per cent," it added. Petronet MHB Ltd was incorporated on July 31, 1998 on a common carrier principle to provide petroleum product transportation facility from Mangalore refinery to the oil marketing company terminals at Hassan and Devangonthi (Bangalore). ONGC owns 51.11 per cent stake in HPCL. Petronet MHB had revenue from operation of Rs 128.33 crore in 2016-17, which rose to Rs 130.89 crore in 2017-18 and Rs 158.44 crore in the following year. In a separate filing, Bank of Baroda said it sold its 4.90 per cent stake in Petronet MHB for Rs 52.56 crore. ANZ RVK

HPCL buys 17.28 pc stake in Petronet MHB for Rs 185.38 cr

In most of the advanced markets globally, petrol and diesel prices are revised on a daily basis. India too is following the path, implementing the procedure of daily changes in fuel prices in select towns, in sync with international rates. Indian Oil Corp (<a href="http://www.businessinsider.in/enterprise/IOC-and-RIL-rank-1stand-2nd-for-6-years-in-a-row-among-Fortune-500-India/articleshow/50311267.cms">IOC</a>), Bharat Petroleum Corp Ltd (<keyword id="44555" type="CITY" weightage="100" keywordseo="BPCL">BPCL</keyword>) and Hindustan Petroleum Corp Ltd (<keyword id="6362419" type="CITY" weightage="100" keywordseo="HPCL">HPCL</keyword>), the state-owned <a href="http://www.businessinsider.in/Indianoil-refineries-pay-700-million-to-Iran/articleshow/49338974.cms">fuel retailers</a> that own more than 95% of the nearly 58,000 <a href="http://www.businessinsider.in/transportation/cars/Now-anyone-can-have-a-petrol-pump-in-India/articleshow/48328630.cms">petrol pumps</a> in India, will be starting the exercise of daily price revision in five select cities of Puducherry, Vizag, Udaipur, Jamshedpur, and Chandigarh, taking it to other parts of the country later on. Also read: <a href="http://www.businessinsider.in/politics/Iran-stops-free-shipping-of-crude-oil-to-India/articleshow/52225246.cms">Iran stops free shipping of crude oil to India</a> Presently, these state fuel retailers revise rates on the 1st and 16th of <a href="http://www.businessinsider.in/markets/economy/state-run-oil-firms-can-now-raise-prices-of-kerosene-and-cooking-gas-every-month/articleshow/58219384.cms">every month</a>. To avoid deception, customers may verify fuel prices either by downloading the company app on their smartphones or visiting its website.

Petrol and diesel prices to be revised daily now

<ul><li>The 30-share BSE index was trading 0.27% lower, while the Nifty50 was down 30 points at 9:56 am.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex and Nifty opened lower on Thursday, tracking weak cues from global markets and dragged down by banking and IT stocks. The 30-share BSE index was trading 0.27% lower, while the Nifty50 was down 30 points at 9:56 am. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zee Entertainment Limited </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td></tr></tbody></table>*as of September 17, 9:50 am These are the top stocks that are buzzing in trade today. HCL Tech shares gain over 3% The shares of IT giant HCL Tech were trading 3% higher after it <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/a393df27-d142-4bcc-be72-ea6071e6cacc.pdf">announced the expansion </a>of its strategic partnership with Google Cloud to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud. Dr Reddy's Laboratories trade 2% higher Dr Reddy's stocks gained for the second day in a row after Russia's sovereign wealth fund said that it would supply 100 million doses of the Sputnik-V COVID-19 vaccine to Dr Reddy's Laboratories after it receives regulatory approval in India. HSIL shares rally 8% The shares of Hindustan Sanitaryware &amp; Industries Limited (HSIL) were trading 8%. The company’s board is slated to meet on September 21 to consider the proposal of buyback of the fully paid-up equity shares. Tata Power shares up 2% The shares of Tata Power gained 2% after it submitted bids for three discoms in Odisha that were looking for privatisation. The bids were called earlier this year for Western, Southern, and Northern Electricity Supply Companies, namely <a href="https://www.business-standard.com/article/companies/tata-power-india-power-corporation-submit-bids-for-three-discoms-in-odisha-120091602154_1.html">WESCO, SOUTHCO and NESCO</a>. Dhanuka Agritech shares jump 6% The shares of Dhanuka Agritech were up 6% after the company board approved buyback of up to 10 lakh equity shares at a price of ₹1,000 apiece for an aggregate amount not exceeding ₹100 crore. The board has fixed September 28 as the Record Date for determining the entitlement and the names of shareholders who will be eligible for the Buy-Back. Grasim Industries shares gain 3% Grasim Industries gained 3% after the company promoter IGH Holdings acquired 43.5 lakh shares from September 10 to September 11. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/muthoot-finance-says-this-years-growth-is-likely-to-exceed-guidance/articleshow/78159469.cms">EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-hcl-infosys-happiest-minds-tech-indigo-spicejet-bharat-petroleum-hindustan-petroleum-and-more/articleshow/78158942.cms">Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more</a>

Top stock movers — HCL Tech, Dr Reddy’s, HSIL, Tata Power, Dhanuka Agritech, Grasim and more

<ul><li>The share price of Happiest Minds Technologies gained nearly 10% in minutes after listing debut. </li><li>The company issued the IPO at a price band of ₹166, but it listed at ₹351, with an upside of 130%. </li><li>The issue was oversubscribed nearly 151 times, making it the<a href="https://www.businesstoday.in/markets/ipo-corner/happiest-minds-8th-most-successful-ipo-in-a-decade/story/415741.html"> 8th most successful IPO</a> in the past decade.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The Ashok Soota backed Happiest Minds Technologies had a bumper listing today. The share price of the Bengaluru-based IT speciality company gained nearly 10% in minutes after listing debut and was trading at ₹387 a piece at 10:00am. However, the weakness in the market weighed on the shares and it was trading 4% higher at ₹364 a piece at 10:20 am. Investors who subscribed to the IPO are being rewarded with hefty gains. The company issued the IPO at a price band of ₹166, but it listed at ₹351, with an upside of 130%. <div type="image" title="Happiest Minds" msid="78160353" hostid="261"></div> The company's total market cap rose to ₹5,595.50 crore at 10:05am. A total traded quantity of 25.17 lakh shares changed hands on BSE amounting to a turnover of ₹95.13 crore. The company will trade with the symbol of ‘HAPPSTMNDS’ on the Indian stock exchanges. The bumper listing was already on the cards! The IPO garnered a massive response from investors and was oversubscribed nearly 151 times— making it the<a href="https://www.businesstoday.in/markets/ipo-corner/happiest-minds-8th-most-successful-ipo-in-a-decade/story/415741.html"> 8th most successful IPO</a> in the past decade. And, there are a lot of reasons driving the company's bumper listing. The company is backed by the promoter Ashok Soota, who has vast experience in the IT field— which is deemed to grow in the tech-driven society. According to the Axis Capital report, the company made 96.9% of its revenue from digital services in the fiscal year 2020, which is one of the highest among Indian IT companies— and makes it a tough competitor against its listed peers. And, the strong balance sheet with robust revenue growth makes it attractive to investors. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/muthoot-finance-says-this-years-growth-is-likely-to-exceed-guidance/articleshow/78159469.cms">EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-hcl-infosys-happiest-minds-tech-indigo-spicejet-bharat-petroleum-hindustan-petroleum-and-more/articleshow/78158942.cms">Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more</a>

Happiest Minds Tech makes a lot of money for its IPO investors — shares list at over double the issue price

(Eds: Adding ONGC acquisition) New Delhi, Feb 27 () State-owned Oil and Natural Gas Corp (ONGC) and its subsidiary Hindustan Petroleum Corp Ltd (HPCL) have bought out lenders in Petronet MHB Ltd, the firm that owns a petroleum product pipeline in Mangalore, for about Rs 371 crore. A consortium of eight public sector banks held 34.56 per cent stake in Petronet MHB Ltd, where ONGC and HPCL held 32.72 per cent apiece. ONGC and HPCL bought 17.28 per cent stake each from lenders, the firms said in separate but almost identical regulatory filings. The two firms paid Rs 185.38 crore each for acquiring 17.28 per cent more share in Petronet MHB Ltd. The now hold 49.996 per cent each in the company that transports petroleum products from Mangalore Refinery. Mangalore Refinery and Petrochemicals Ltd (MRPL) is also a subsidary of ONGC. MRPL uses the pipeline of Petronet MHB for moving fuel. In a regulatory filings, ONGC and HPCL said Petronet MHB Ltd had a networth of Rs 796.30 crore as of March 31, 2019. "The acquisition will open up possible opportunities for synergy, better cost economics and revenue maximisation," they said, adding that no governmental or regulatory approvals are required for the acquisition. The acquisition is expected to be completed by March 31. "The company has entered into a share purchase agreement dated February 27, 2020, with consortium of 8 nationalised banks, who hold equity shares in Petronet MHB Ltd, for acquisition of 9.48 crore equity shares aggregating ot 17.28 per cent of the paid-up equity share capital at a price of Rs 19.55 per share," HPCL said. ONGC also posted a similarly worded filing shortly after HPCL disclosure. "Post-acquisition the shareholding of HPCL in Petronet MHB will be about 49.996 per cent," HPCL added. ONGC said it hold 49.996 per cent stake in Petronet MHB after the acquisition. Petronet MHB Ltd was incorporated on July 31, 1998 on a common carrier principle to provide petroleum product transportation facility from Mangalore refinery to the oil marketing company terminals at Hassan and Devangonthi (Bangalore). ONGC owns 51.11 per cent stake in HPCL. Petronet MHB had revenue from operation of Rs 128.33 crore in 2016-17, which rose to Rs 130.89 crore in 2017-18 and Rs 158.44 crore in the following year. In a separate filing, Bank of Baroda said it sold its 4.90 per cent stake in Petronet MHB for Rs 52.56 crore. ANZ MKJ

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