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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 17 () Axis Bank on Tuesday announced the launch of co-branded credit card in partnership with Indian Oil Corporation Ltd (IOCL).
 The co-branded card is for customers who prefer cashless and hassle-free payments, Axis Bank said in a release.
 This partnership is an effort from Axis Bank and IOCL to expand their presence in the fast-developing credit card ecosystem in India, with an aim to offer attractive rewards and benefits for its customers, it said.
 Customers will be able to get benefits such as cashback up to Rs 250 on fuel purchases within first 30 days of card issuance, 20 times accelerated reward points on fuel spends at IOCL outlets as well as waiver of fuel surcharge.
 Additionally, customers can avail benefits like 5x accelerated reward points on online shopping, 10 per cent instant discount on movie ticket bookings via BookMyShow, while also earning edge points for every spend.
 "The tie-up with Axis Bank for co-branded credit card will usher a relationship amongst the two commercial conglomerates, and enhance customer convenience in tier-II and III cities. This initiative will promote digital payments, working towards the government's vision of a Digital India," Vigyan Kumar, executive director (retail sales), Indian Oil Corporation Ltd, said.
 The co-branded card will offer exclusive rewards that will appeal to customers across India, said Sanjeev Moghe, executive vice-president, head (cards and payments), Axis Bank.
 The customer can use the card across all 27,000 Indian Oil outlets, Axis Bank said. KPM HRS

Axis Bank, Indian Oil launch co-branded credit card for cashless payments

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

Coimbatore, Feb 28 (): Indian Oil Corporation Ltd(IOCL) is in the process of developing LPG from bio mass andwould succeed in another two to three years, a senior officialin the R and D wing of IOCL said on Friday. This is being done in tune with the decision of WorldLPG Association to have at least 50 per cent of LPG frombio mass, including vegetable waste, by 2040, S S V Ramkumarsaid. Accordingly, the country has taken a lead and in theprocess of developing the LPG from bio mass, which would bearfruit in another two to three years, he told reporters on thesidelines of a two-day IOCL National LPG Conclave 2020. IOCL wanted at least 10 per cent of LPG to beproduced from bio mass and put in use, as this would be cost-effective, he said. Earlier, addressing the conclave, Ramkumar said thethe demand for cooking LPG has reached a saturation-level inthe country and there was the need to find out the areas wherethe LPG can be utilised, like in autos. Chennai Petroleum Corporation Ltd managing director SN Pandey, in his address, said the demand for kerosene hadcome down of late due to availability of alternate fuels. Kerosene would not be used after 2040, hesaid. Ratnagiri Refineries and Petrochemicals Ltdchairman B Ashok said there were opportunities for expansionthe area of LPG, a sector which was growing by three to fourper cent. NVMNVG NVG

Research on to produce biomass LPG in 2-3 years: IOCL official

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

A day after India's sovereign rating downgraded, Moody's Investors Service on Tuesday cut ratings of eight non-financial companies, including <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs">TCS</keyword>, ONGC, and three banks SBI, HDFC Bank and EXIM. It also downgraded seven Indian infrastructure issuers, including NTPC, NHAI, GAIL and Adani Green Energy Restricted Group, by one notch. Issuer ratings of IRFC and HUDCO have also been lowered. Moody's said the economic disruption caused by the coronavirus pandemic and the downgrade of the sovereign rating are the key drivers for Tuesday's rating actions. On Monday, Moody's had downgraded India's sovereign rating for the first time in 22 years by a notch to 'Baa3', which is the lowest investment grade -- just a notch above junk status. Accordingly, the long-term issuer ratings of eight non-financial companies -- Oil and Natural Gas Corporation, Hindustan Petroleum Corporation Ltd, Oil India Ltd, <keyword id="6356834" type="COMPANY" weightage="20" keywordseo="indian-oil-corporation">Indian Oil Corporation</keyword> Ltd, Bharat Petroleum Corporation Ltd, Petronet LNG, Tata Consultancy Services (TCS) and Infosys -- have been downgraded. The outlooks on all these ratings are negative. However, Moody's affirmed the issuer rating of Reliance Industries but revised the outlook to negative from stable. With regard to ratings of banks, Moody's has downgraded the long-term local and foreign currency deposit ratings of HDFC Bank and SBI to Baa3 from Baa2, and the long-term issuer rating of EXIM India to Baa3 from Baa2, with negative outlook. The deposit ratings of these banks are at the same level as India's Baa3 sovereign rating. Consequently, Moody's has downgraded HDFC Bank's baseline credit assessment (BCA) to baa3 from baa2. Moody's has placed the Baa3 long-term local and foreign currency deposit ratings of <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword>, Bank of India, <keyword id="6357132" type="COMPANY" weightage="20" keywordseo="Canara-Bank">Canara Bank</keyword> and <keyword id="63524" type="DOMAIN" weightage="20" keywordseo="Union-Bank-of-India">Union Bank of India</keyword> and their BCAs under review for downgrade. Moody's has downgraded IndusInd's long-term local and foreign currency deposit ratings, with a negative outlook. JD HRS

Moody's downgrades ratings of 8 firms including Infosys, TCS and ONGC

New Delhi, Jan 17 () Fertiliser Minister D V Sadananda Gowda on Friday unveiled the logo and brand 'Apna Urea Sona Ugle' of Hindustan Urvarak and Rasayan Ltd (HURL), which is in the process of reviving three sick urea units. 
 The sick urea units are located at Gorakhpur (Uttar Pradesh), Barauni (Bihar) and Sindri (Jharkhand).
 HURL, a joint venture firm promoted by three PSUs -- Coal India Limited (CIL), NTPC Ltd and Indian Oil Corporation Ltd (IOCL) -- is in the process of putting in place all logistic and marketing infrastructure.
 After the launch, Gowda said five sick urea units are being revived at present. 
 HURL's three units are expected to be commissioned in February 2021, while Ramagundam (Telangana) and Talcher (Odisha) units are also likely to commence operations next year. 
 "I hope all units will be commissioned on schedule. This is the need of the hour," he said.
 At each location, a new plant with 12.7 lakh tonnes capacity of neem coated urea is being set up which will make the country self-sufficient in urea, Gowda said, adding that the country still imports about 70-80 lakh tonnes of urea annually.
 Fertiliser Secretary Chhabilendra Roul asked HURL to promote balanced use of fertilisers and not just focus on marketing its urea product.
 He also advised the company not to focus on single brand urea, but diversify its product portfolio to include agrochemicals, compost, and nano-fertilizers.
 Senior officials of Fertilizer Ministry, CIL, NTPC, and HURL were also present at the event.
 According to HURL, the commissioning of three units in Uttar Pradesh, Bihar and Jharkhand will open forward and backward linkages for business activity in the eastern part of the country. LUX RVK

Fertiliser Minister launches HURL's logo & brand 'Apna Urea Sona Ugle'

New Delhi, Mar 12 () Shares of oil and gas companies declined up to 15 per cent on Thursday with BPCL taking the biggest hit, as oil prices dropped nearly 6 per cent in global markets. Amongst the BSE sectoral indices, BSE Oil and Gas index emerged as the biggest loser by shedding 1,118.43 points or 9.82 per cent to settle at 10,265.63.Bharat Petroleum Corporation Ltd dived 14.71 per cent to Rs 345.15 on BSE. Hindustan Petroleum Corporation closed at Rs 183.85, plunging 12.83 per cent. Similarly, Oil and Natural Gas Corporation Ltd settled at Rs 62.6, declining 12.63 per cent. Among other losers, Gail India Ltd dived 11.62 per cent to Rs 79.9, Indian Oil Corporation Ltd dropped 9.58 per cent to close at Rs 87.75. Besides, Reliance Industries closed at Rs 1,061.6, losing 7.95 per cent. Indraprastha Gas Ltd fell 6.46 per cent to Rs 389.35.Castrol India declined by 5.49 per cent to Rs 128.3 and Gujarat State Petronet Ltd ended the session at Rs 208.95, losing 4.57 per cent over the previous close. Shares of Petronet LNG Ltd lost 2.69 per cent to close at Rs 215.3. Meanwhile, the BSE Sensex plunged over 2,919 points to settle at 32,778.14 as the coronavirus pandemic wreaked havoc on global markets."The fall in global crude prices is bound to impact gross refining margin for most oil refining players. Starting from taking inventory hit, to revenue hit, to margin hit (loss of operating leverage), the overall Indian basket will take some time to align to global prices. Until then oil companies may take some beat down," Vinay Pandit, head of institutional equities at IndiaNivesh said. On Thursday, oil prices plunged about six per cent after US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic.West Texas Intermediate slipped 6.2 per cent to USD 31 a barrel while Brent crude was off 5.8 per cent at under USD 34 a barrel.Crude markets have been in turmoil since the start of the week, when they suffered their biggest one-day drop in a generation after Riyadh slashed prices following a row with Moscow about output cuts. SRS MRMR

Oil & gas stocks drop up to 15 pc as crude dives; BPCL biggest loser

New Delhi, May 11 () Standalone credit profiles of India's oil marketing companies are at greater risk of downward revision due to the coronavirus-induced drop in demand and refining margins, and their continued investments, Fitch Ratings said on Monday. However, the Issuer Default Ratings (IDRs) of Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), which are driven by sovereign linkages through the state's direct or indirect ownership, will remain stable. "We expect the net leverage of the three companies to weaken over the financial year ended March 2020 (FY20) and FY21 to levels where we would consider revising their SCPs (standalone credit profile) downwards, before improving to in line with their current SCPs from FY22. The weakened metrics leave minimal headroom for the SCPs of HPCL and BPCL and limited headroom for IOC's," it said. Fitch in a statement said the FY20 financial profiles of the three companies were likely to have been affected by large inventory losses due to the steep fall in crude oil prices in the last fortnight of March 2020 and by weakened demand during the period. There was also a short-term disruption in the receivables cycle. "All these will lead to a spike in FY20 gross debt, which pushed up their leverage metrics," it said. "We expect the three companies' leverage in FY21 to remain above levels appropriate for their SCPs as they face lower demand, weak refining margins, high capex, though below earlier estimates, and continuing dividend outflows." However, these factors will be partly offset by higher marketing margins until May 5, 2020 and lower working capital requirements given the low oil price assumptions. Fitch cut its FY2021 forecast for industry-wide gross refining margin (GRM) by around 35 per cent as it expects product cracks (or margins) to remain weak until global economic growth recovers materially from the coronavirus crisis. It expected FY2021 GRMs to remain at around FY2020 levels excluding inventory losses in March 2020, due to weak product spreads, which are expected to improve gradually from the second half of FY2021 as demand gradually recovers. The squeeze on GRMs should be partly offset by the reduced value of refining fuel losses due to low crude oil prices. "We estimate FY21 marketing and refining throughput volumes to fall by 10-15 per cent for the industry as the decline in demand for transportation fuels reduces capacity utilisation. This includes a severe drop in demand in 1QFY21 due to measures to contain the spread of the coronavirus, followed by a gradual recovery over the rest of the year," it said. However, the three oil marketing companies will benefit from lower working capital requirements during FY2021 due to low crude oil prices, as well as from our estimates of higher marketing margins on petrol and diesel until May 5, 2020. The companies did not cut product prices for over six weeks despite a fall in global crude oil prices and weakening product spreads, which should help them mitigate inventory losses from the steep fall in crude oil prices, Fitch felt. The increase in duties on petrol and diesel by the central government from May 6, 2020, should result in marketing margins reversing closer to normal levels. FY2021 should also see lower subsidy accrual on liquefied petroleum gas (LPG) sales given the fall in international LPG prices. The higher marketing margins should benefit HPCL more than BPCL and IOC given its higher share of earnings from marketing activities, it added. ANZ MRMR

Fitch Ratings says higher risks to Indian oil marketing firms' standalone profiles

Mumbai-based taxi aggregator company <keyword id="108722" type="PERSON" weightage="80" keywordseo="Meru-Cabs">Meru Cabs</keyword> today announced an exclusive partnership with Indian Oil Corporation Ltd, to create awareness and promote the <keyword id="1068586" type="UNKNOWN" weightage="80" keywordseo="Carpooling">carpooling</keyword> concept. With this tie-up, IOCL along with Meru aims to change its consumer’s behavior by asking them to start sharing their ‘Personal Car’ ride with people traveling in the same direction -by using ‘Carpool By Meru’ integrated on the ‘Meru Cabs’ mobile app. 
 
Focused on offering convenient travel options, Meru was the first cab operator to launch carpool service in India in September this year that can be availed in any Indian city by downloading the Meru Cabs App. 
 
Announcing the offer, Mr. Siddhartha Pahwa, CEO Meru Cabs said, “Carpooling is an excellent way for people to save on traveling costs, as well as reduce carbon emissions. Through this campaign we hope to encourage more and more people to adopt this convenient as well as <keyword id="6356826" type="COMPANY" weightage="80" keywordseo="environment">environment</keyword> friendly travel methods through our trusted services and thus promote the concept of shared economy.” 
 
To motivate its customers to begin sharing personal rides, the companies have declared a mega bumper prize of a brand new Toyota sedan car to the customer offering the maximum number of rides on Carpool by Meru. This offer is for customers based in Mumbai, Navi Mumbai &amp; Thane during the time period of 1st December to 31st January 2016. 
 
Also, as a part of a special promotional campaign, Meru is offering a discount of 50% (up to Rs.150) on app bookings only for Indian Oil Corporation Ltd (IOCL) customers making a transaction of Rs.1000 or more at 30 of the IOCL retail outlets in Mumbai during the offer period.

You Searched For "Indian Oil Corporation Ltd" and got 10 results

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

IANS

Axis Bank, Indian Oil launch co-branded credit card for cashless payments

PTI

Oil marketing companies gain; BPCL rises 15 pc

PTI

Research on to produce biomass LPG in 2-3 years: IOCL official

PTI

Oil companies' shares fall on OPEC output cut buzz

PTI

Moody's downgrades ratings of 8 firms including Infosys, TCS and ONGC

PTI

Fertiliser Minister launches HURL's logo & brand 'Apna Urea Sona Ugle'

PTI

Oil & gas stocks drop up to 15 pc as crude dives; BPCL biggest loser

PTI

Fitch Ratings says higher risks to Indian oil marketing firms' standalone profiles

PTI

Meru Cabs partners with Indian Oil Corporation to promote carpooling

BI India Bureau

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