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Automotive component maker <keyword id="14811227" type="General" weightage="50" keywordseo="uno-minda-ltd" source="Orion">Uno Minda Ltd</keyword> on Thursday said its subsidiaries making alloy wheels and switches will expand their production capacity at an outlay of ₹300 crore. According to the company, its subsidiary <keyword id="14811226" type="General" weightage="50" keywordseo="minda-kosei-aluminum-wheel-private-ltd" source="Orion">Minda Kosei Aluminum Wheel Private Ltd</keyword> will be expanding its 4W Alloy wheel capacity by 60,000 wheels/month to 240,000 wheel/month at its plant in Bawal, Haryana. The additional capital expenditure for the aforesaid capacity expansion will be Rs 190 crore. The expansion is expected to be commissioned in two phase with first phase of 30,000 wheel/month in December 2023 and remaining in June 2024. Uno <keyword id="320265" type="General" weightage="100" keywordseo="minda" source="Orion">Minda</keyword> said its other subsidiary <keyword id="14810744" type="General" weightage="50" keywordseo="mindarika-private-limited" source="Orion">Mindarika Private Limited</keyword> (<keyword id="55574" type="General" weightage="50" keywordseo="mrpl" source="Orion">MRPL</keyword>), is setting up a new manufacturing plant at <keyword id="6506208" type="General" weightage="80" keywordseo="farrukhnagar" source="Orion">Farrukhnagar</keyword> (Gurugram, Haryana) to cater to increased demand of 4W Automotive switches from Indian and International customers. The project cost for setting up Phase 1 of the manufacturing plant at Farrukhnagar will be about Rs 110 crore which will be completed by September 2023. The phase 1 of the plant will manufacture part products to be used for manufacturing of auto components. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/seasonal-influenza-cases-rising-in-india-heres-what-we-know-so-far-about-the-flu/articleshow/93776910.cms" style="">Seasonal influenza cases rising in India — here’s what we know so far about the flu</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-group-gmr-group-acquire-franchises-in-legends-league-cricket/articleshow/93774659.cms">Adani Group, GMR Group acquire franchises in Legends League Cricket</a>

Uno Minda subsidiaries to expand at ₹300 cr outlay

<ul><li>The US equities closed sharply lower on Monday as investors awaited direction on the stimulus deal amidst rising COVID cases.</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>Amidst mixed cues from the global markets, the Indian equities are likely to open lower on Tuesday. The SGX Nifty was trading 0.14% down at 7:45 am, indicating a negative start for Nifty50. The US equities also closed sharply lower on Monday as investors awaited direction on the stimulus deal amidst rising COVID cases. The Dow Jones Industrial Average dropped 410.89 points, and the S&amp;P 500 was down 1.63%. These are the stocks to watch out for during the trading session on October 20: Coal India, NTPC, NMDC and Engineers India The shares of Coal India, NTPC, NMDC and Engineers India will be in focus today <a href="https://timesofindia.indiatimes.com/business/india-business/centre-asks-at-least-8-state-run-companies-to-consider-buybacks-report/articleshow/78746179.cms">after reports surfaced</a> that the Indian government asked these companies and 4 state-run companies to consider share buybacks in the fiscal year that runs through March 2021. The shares of Coal India, NTPC, NMDC and Engineers India ended in green on Monday. Britannia Industries The biscuit major Britannia Industries reported a 22.96% jump in consolidated net profit to ₹495.20 crore for the quarter ended September 30. While revenue from operations rose 12.15% to ₹3,419.11 crore during the quarter under review. However, the profit growth was much lower compared to the sequential lockdown quarter. The shares of Britannia Industries ended 2% higher on Monday. HDFC Life HDFC Life Insurance Company reported a 6.1% increase in consolidated net profit to ₹327.83 crore for the quarter ended September 30. The total income of the life insurer jumped nearly 90% to ₹16,426.03 crore, it said in a stock-exchange filing. The shares of HDFC Life ended 2% higher on Monday. MRPL and ONGC Mangalore Refinery and Petrochemicals will buy 49% stake in ONGC for ₹ 1,220 crore. Also, ONGC has issued non-convertible debentures worth ₹1,140 crore on a private placement basis. The shares of MRPL ended 2% higher on Monday, whereas ONGC gained over 3%. ACC The cement maker ACC reported a 20.25% increase in consolidated net profit to ₹363.85 crore for the third quarter ended September 30. The company follows the January-December financial year. The overall revenue from operations remained flat at ₹3,537.31 crore. The shares of ACC ended 0.41% higher on Monday Larsen &amp; Toubro Infotech and Hindustan Unilever (HUL) Larsen &amp; Toubro Infotech and Hindustan Unilever (HUL) are slated to report their second-quarter earnings today. The shares of Larsen &amp; Toubro Infotech ended 1% lower on Monday, whereas HUL ended 2% higher. Equitas Small Finance Bank The Equitas Small Finance Bank ₹517.6 crore initial public offer (IPO) will open today for bidding. Price band has been fixed at ₹32-33 per share. The issue will remain open for investors until October 22. SEE ALSO: <a href="https://www.businessinsider.in/policy/foreign-policy/news/trump-versus-biden-what-the-result-of-us-election-could-mean-for-india/articleshow/78750339.cms" data-type="tilCustomLink">EXCLUSIVE: Trump versus Biden — Here’s what the result of the US election could mean for India</a> <a href="https://www.businessinsider.in/business/auto/news/exclusive-why-tata-motors-ceo-is-not-worried-about-musks-tesla-coming-to-india/articleshow/78749755.cms" data-type="tilCustomLink">EXCLUSIVE: Why Tata Motors CEO is not worried about Musk's Tesla coming to India</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-renewal-rates-stand-at-86-the-founder-of-the-11-billion-edtech-startup-shares-how-they-cracked-the-code-for-repeat-subscriptions/articleshow/78749254.cms" data-type="tilCustomLink">EXCLUSIVE: BYJU’S renewal rates stand at 86% – the founder of the $11 billion edtech startup shares how they cracked the code for repeat subscriptions</a>

Top stocks to watch — HDFC, HUL, Britannia, ACC, MRPL, ONGC, Coal India, and others

<keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> will cut some benefits to Indian state-run refiners on crude purchases after the South Asian country decided to reduce the amount of oil it buys from the <keyword id="386457" type="UNKNOWN" weightage="20" keywordseo="Persian-Gulf">Persian Gulf</keyword> nation, people with knowledge of the matter said. 
 <keyword id="261045" type="COMPANY" weightage="20" keywordseo="National-Iranian-Oil-Co">National Iranian Oil Co</keyword>. will cut the credit period on crude oil sales to 60 days from 90 days for refiners such as <keyword id="152137" type="COMPANY" weightage="20" keywordseo="Mangalore-Refinery-Petrochemicals-Ltd">Mangalore Refinery &amp; Petrochemicals Ltd</keyword>. and <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword>., the people said, asking not be identified as the matter isn't public yet. Iran will also reduce the discounts it offers on the shipping of crude to 60 percent from 80 percent, they added. 
 The lower incentives will make Iranian purchases costlier and less competitive in a world awash with crude oil where rivals such as <keyword id="50996" type="COUNTRY" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword> and <keyword id="6355112" type="COUNTRY" weightage="20" keywordseo="Iraq">Iraq</keyword> are seeking to expand their markshare. Iran's crude sales to India more than doubled in 2016 after the lifting of sanctions over its nuclear program. India is Iran's second biggest customer and the emerging center of global oil demand. 
 India in turn, is using the supply glut to put pressure on <keyword id="44333" type="COMPANY" weightage="20" keywordseo="Tehran">Tehran</keyword> for securing development rights to the Farzad-B gas field in the Persian Gulf, which was discovered by an Indian consortium led by <keyword id="46585" type="COMPANY" weightage="20" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword>. about a decade ago. Iran and India were aiming to conclude an agreement on developing the field by February. The South Asian nation, which stood by Iran during the sanctions, is seeking to invest as much as $20 billion in Iran's energy industry and ports. 
 
Cutting Purchases 
 Indian state-run refiners told Iran last month that they would cut oil purchases by 3 million tons during the financial year that started April 1, the people said. <keyword id="55574" type="CITY" weightage="20" keywordseo="MRPL">MRPL</keyword> and <keyword id="6354412" type="COMPANY" weightage="20" keywordseo="indian-oil">Indian Oil</keyword> will reduce imports by 1 million tons each, while <keyword id="124595" type="COMPANY" weightage="20" keywordseo="Hindustan-Petroleum-Corp">Hindustan Petroleum Corp</keyword>. and <keyword id="124594" type="COMPANY" weightage="20" keywordseo="Bharat-Petroleum-Corp">Bharat Petroleum Corp</keyword>. will cut purchases by about half a million tons each, according to the people. 
 
India's overall oil imports from the Persian Gulf nation touched 19.8 million tons during April-December last year, compared with 12.7 million tons in the 2015-16 financial year, according to oil ministry data. 
 Iran's Oil Minister <keyword id="1921589" type="UNKNOWN" weightage="20" keywordseo="Bijan-Namdar-Zanganeh">Bijan Namdar Zanganeh</keyword> said "there are many other customers" if India decides to cut imports, the state-run <keyword id="1168062" type="ORGANIZATION" weightage="20" keywordseo="Islamic-Republic-News-Agency">Islamic Republic News Agency</keyword> reported on April 5. Reuters earlier reported Indian state refiners will cut oil imports from Iran by a fifth. 
 India's Oil Minister <keyword id="197418" type="PERSON" weightage="20" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> said April 6 that it's up to the state refiners to decide on Iran crude volumes. 
 MRPL spokesman <keyword id="4394862" type="UNKNOWN" weightage="20" keywordseo="prashanth-baliga">Prashanth Baliga</keyword> couldn't comment immediately, while an Indian Oil spokesman declined to comment. National Iranian Oil Co.'s public relations office in Tehran didn't respond to an email and two calls seeking comment.

Iran to cut benefits on oil sales to India. Here's why

Oil major Oil &amp; Natural Gas Corporation Limited’s (<keyword id="6354737" type="CITY" weightage="20" keywordseo="ONGC">ONGC</keyword>’s) subsidiary Mangalore Refinery and Petrochemicals Limited (<keyword id="55574" type="CITY" weightage="20" keywordseo="MRPL">MRPL</keyword>) has acquired 43% stake in <keyword id="237818" type="COMPANY" weightage="20" keywordseo="OMPL">OMPL</keyword> by purchasing fully paid-up equity shares from individual shareholders. 
	 “Co<keyword id="6354646" type="CITY" weightage="20" keywordseo="NSE">nse</keyword>quent upon the approval of the Board of Directors of MRPL (a subsidiary of ONGC) in its meeting held on February 9, 2015, MRPL has acquired 43% stake in OMPL by way of purchase of fully paid up equity shares from individual shareholders, resulting in increase of its holding from 3% to 46% of the paid up share capital of OMPL,” the company said in a letter to the National Stock Exchange (NSE). 
	 
	It further added that the oiling major has now become a majority shareholder of OMPL, through this transaction. “ONGC already holds 46% of paid up share capital of OMPL. Consequently, subsequent to the acquisition of 43% stake by MRPL as above, OMPL has now become a subsidiary of ONGC in terms of Section 2(87) of the Companies Act, 2013”, stated the letter.

ONGC picks up majority
stake in OMPL

<ul class="summary-list"><li><keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>'s richest man plans to sue <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> for up to $20 billion in damages to his steel plants.</li><li><keyword id="14043687" type="UNKNOWN" weightage="60" keywordseo="rinat-akhmetov" source="Orion">Rinat Akhmetov</keyword> owns the Azovstal steel plant in <keyword id="13358326" type="UNKNOWN" weightage="60" keywordseo="mariupol" source="Orion">Mariupol</keyword>, which was bombarded by Russian forces.</li></ul>Ukraine's richest man, Rinat Akhmetov, said he intends to sue Russia for $17 billion to $20 billion in losses after his steel plants in Mariupol were severely damaged, according to local media.Akhmetov is the owner of the Azovstal steel plant in the southern port city of <a href="https://www.businessinsider.com/ukraine-port-city-mariupol-before-after-russia-invasion-photos-2022-5">Mariupol,</a> which suffered intense bombing and shelling from Russian forces."We will definitely sue Russia and demand proper compensation for all losses and lost business," Akhmetov told the <a href="https://mrpl.city/news/view/boyatsya-nuzhno-ne-spetssluzhb-a-svoej-sovesti-rinat-ahmetov-o-vojne-v-ukraine-zelenskom-i-sudah-s-agressorom">Ukrainian news portal mrpl.city.</a>As the city's last bastion of resistance against the Russian invasion, the <a href="https://www.businessinsider.com/ukraine-troops-leave-mariupol-azovstal-plant-apparent-surrender-2022-5">Azovstal steel plant</a> came under fierce attack for weeks before the Ukrainian troops stationed there were evacuated.The Illich Steel and Iron Works under Akhmetov's SCM Holdings have also suffered damage due to Russian aggression, he told mrpl.city.Akhmetov has a current net worth of $6.93 billion, according to the <a href="https://www.bloomberg.com/billionaires/profiles/rinat-l-akhmetov/">Bloomberg Billionaires Index</a>. His wealth has tumbled 40% this year amid the war in Ukraine.After Russia's invasion began on February 24, Akhmetov's company <a href="https://metinvestholding.com/en/media/news/declaration-of-force-majeure-for-clients-and-partners">Metinvest</a> — the country's largest steelmaker — announced that it wouldn't be able to fulfill contractual obligations.In April, Metinvest told <a href="https://www.reuters.com/world/europe/exclusive-ukraines-top-steelmaker-says-it-will-never-work-under-russian-2022-04-15/">Reuters</a> that it plans to resume production after the end of the war but would "never operate under Russian occupation."<a href="https://apnews.com/article/russia-ukraine-kyiv-prisoners-of-war-71d0dfb842caaaad30b92671637c1f3b">Russia</a> said last Friday that it is now in complete control of Mariupol.

Ukraine's richest man intends to sue Russia for up to $20 billion in damages caused to his steel plants in Mariupol

New Delhi, Feb 21 () Mahindra &amp; Mahindra on Friday said its wholly-owned arm Mahindra Renewables will sell its entire stake in three subsidiaries to CLP India, a part of Hong Kong-based CLP Group, for nearly Rs 340 crore. Mahindra Renewables Pvt Ltd (MRPL) has on Friday agreed to sell its entire stake aggregating 100 per cent of the paid-up equity share capital in Cleansolar Renewable Energy Pvt Ltd (CREPL), Divine Solren Pvt Ltd (DSPL) and Neo Solren Pvt Ltd (NSPL), wholly-owned subsidiaries of MRPL, to CLP India Pvt Ltd (CLP), Mahindra &amp; Mahindra said in a regulatory filing. As per the share purchase agreement, CLP will acquire 96,23,000 equity shares of Rs 10 each in CREPL at a price of Rs 113.11 per share, aggregating to Rs 108.85 crore. Similarly, it will acquire 1,20,80,000 equity shares of Rs 10 each in DSPL at a price of Rs 104.57 per share, aggregating to Rs 126.32 crore. CLP will also buy 93,15,000 equity shares of Rs 10 each of NSPL at a price of Rs 112.37 per share aggregating to Rs 104.67 crore, the filing said. In the fiscal ended March 31, 2019, CREPL had a turnover of Rs 39.15 crore, while DSPL's and NSPL's turnover stood at Rs 54.18 crore and Rs 42.68 crore, respectively. The transaction is expected to be completed by May 31, 2020. "Following the sale, MRPL's shareholding in CREPL, DSPL, NSPL would come down to nil and CREPL, DSPL, NSPL will cease to be the subsidiaries of MRPL and consequently of the company," M&amp;M said. RKL RVK

Mahindra Renewables to sell entire stake in 3 arms for nearly Rs 340 cr to CLP

<ul><li>The SGX Nifty was trading 0.31% lower at 7:50 am, indicating a weak opening 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>Amidst mixed cues from the global markets, the Indian equities are likely to open flat on Friday. The SGX Nifty was trading 0.31% lower at 7:50 am, indicating a weak opening for Nifty50. However, The US stock markets soared on Thursday, as investors cheered healthy economic data and bet on tech stocks to post strong quarterly earnings. The Dow Jones Industrial Average closed 139 points higher and the S&amp;P 500 gained 1.19%. These are the stocks to watch out for during the trading session on October 29: IndiGo India’s largest airline IndiGo reported a net loss of ₹1,194 crore for the second quarter ended September 30. The company had posted a net loss of ₹1,062 crore in the same quarter last year. The airline’s total income was down 65% to ₹3,029 crore. The shares of IndiGo ended 2.3% higher on Thursday. Tata Group stocks The Tata Group stocks such as Tata Motors, TCS, Tata Communications, among others, will be in focus throughout the trade today. The Shapoorji Pallonji Group has submitted a plan for separation from Tatas to the Supreme Court. The Mistrys have valued their holding in the Tatas at ₹1.75 lakh crore. Hindustan Petroleum (HPCL) The petroleum giant Hindustan Petroleum announced that its board would meet on November 4 to consider a share buyback plan as the company management feels the share price is lower than the value it deserves. The shares of HPCL ended 5% higher on Thursday. SpiceJet, IndiGo and other aviation-related stocks The stocks of SpiceJet, IndiGo and other aviation-related stocks will be in focus today. The Civil Aviation Minister Hardeep Singh Puri announced that the upper and lower limits on domestic airfares would remain in place for another three months post-November 24. The shares of SpiceJet ended 2% lower on Thursday. Mangalore Refinery and Petrochemicals Limited (MRPL) ONGC subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL) registered a net profit of ₹35.84 crore in the second quarter ended September 30, as against a loss of ₹574.45 crore in the corresponding period last year. The shares of MRPL ended 1% lower on Thursday. Zensar Technologies Zensar Technologies reported an 11.7% rise in net profit to ₹89.2 crore for the second quarter ended September 30. The board of the company has also given in-principle approval for a merger of its wholly-owned subsidiary Cynosure Interface Services with the company. The merger aims at reducing administrative costs. The shares of Zensar Technologies ended 0.37% lower on Thursday. TVS Motor TVS Motor Company reported a 29.37% decline in consolidated net profit at ₹181.41 crore for the quarter ended September 30. The production and sales improved consistently from July onwards, but the commercial vehicle segment continued to hurt the company. The shares of TVS Motor ended over 1% lower on Thursday. Vodafone Idea Debt-ridden telecom firm Vodafone Idea reported narrowing of its consolidated loss to ₹7,218.2 crore for the quarter ended September 30. The company had posted a loss of ₹50,897.9 crore in the same quarter last year. However, the total income declined by about 3% to ₹10,830.5 crore during the reported quarter. The company’s subscriber base also declined to 27.18 crore in Q2, from 27.98 crore earlier. The shares of Vodafone Idea ended 4% lower on Thursday. Angel Broking Kuwait Investment Authority has acquired half a percent stake in retail broking company Angel Broking via open market transactions on October 29 for ₹321.73 per share. The shares of Angel Broking ended 3% higher on Thursday. Reliance Industries, Dixon Technologies, IndusInd Bank, Indian Oil Corporation, UPL, Reliance Industries, Dixon Technologies, IndusInd Bank, Indian Oil Corporation, UPL among others are slated to announce quarterly financial results today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/marutis-revenue-rises-10-as-car-sales-increase-but-high-commodity-prices-dampen-profit/articleshow/78929357.cms" data-type="tilCustomLink">Maruti’s revenue rises 10% as car sales increase but high commodity prices dampen profit</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-backer-lightspeed-india-invests-in-a-live-tutoring-platform-teachmint/articleshow/78924152.cms">BYJU'S backer Lightspeed India invests in a live tutoring platform Teachmint</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms" data-type="tilCustomLink">COVID-19 vaccine updates: Pfizer, Moderna to roll out COVID-19 vaccine by December</a>

Top stocks to watch — RIL, IndiGo, Tata Group, SpiceJet, Angel Broking, Dixon Tech, MPCL, and others

(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

ONGC, HPCL buy out bankers in Petronet MHB for Rs 371 cr

New Delhi, Mar 29 () Oil Minister Dharmendra Pradhan on Sunday discussed global oil market developments and sourcing LPG with Saudi Energy Minister Prince Abdulaziz bin Salman to ensure uninterrupted fuel supplies in the world's third largest energy consumer.Indian refineries have cut run-rates in view of slump in fuel demand resulting from an unprecedented nationwide lockdown that has shut businesses, suspended flights, stopped trains and driven most vehicles off-road.But the reduced run-rates of refineries also means lower output of LPG. Cooking gas demand has, however, seen a surge and India is relying on imports to keep supply lines going. Saudi not just supplies crude oil to India but also is its biggest LPG source."Had a video conference with HRH Prince Abdulaziz, Saudi Minister of Energy and Mr Amin Nasser, President &amp; CEO @Saudi_Aramco. We discussed about the global oil market developments and on uninterrupted LPG supplies from Saudi Arabia to India," Pradhan tweeted.Last week, Indian Oil Corp (IOC) and Mangalore Refineries and Petrochemicals Ltd (MRPL) had declared force majeure on crude purchases from the Middle East on plummeting fuel demand."HRH Prince Abdulaziz assured of LPG supplies in the coming days to support our domestic requirement," Pradhan tweeted. ANZ BALBAL

Pradhan speaks to Saudi Oil Min for uninterrupted crude, LPG supplies

Amazon is allowing its corporate employees to avail the work from home option, if their roles permit, till June 2021. Amazon had earlier said that it expected <keyword id="10145034" type="UNKNOWN" weightage="20" keywordseo="corporate-workers">corporate workers</keyword> to return to office by January next year. An Amazon spokesperson told the media that the extended work from home guidance is applicable for workers worldwide. The move comes amid rising Covid-19 cases worldwide. Amazon earlier this month said that 19,816 of its front-line employees in the US tested positive or been presumed positive for the disease. However, despite facing allegations that its measures put in place to protect workers from Covid-19 were inadequate, Amazon was ranked second by <keyword id="6373044" type="UNKNOWN" weightage="20" keywordseo="forbes">Forbes</keyword> on its newly released World's Best Employers 2020 list. Samsung Electronics topped the list. To compile this year's list, Forbes surveyed 160,000 employees from 750 companies in 58 countries around the world and asked them to rate their willingness to recommend their employers to friends and family. Participants also had to rate their satisfaction with their employers' Covid-19 response, economic footprint, talent development, gender equality, social responsibility, and other factors. "On top of our $15 minimum wage and industry-leading benefits from day one, we've launched new initiatives to continue to support our employees," <keyword id="9784222" type="PERSON" weightage="20" keywordseo="beth-galetti">Beth Galetti</keyword>, Amazon Senior Vice President of <keyword id="6393327" type="COMPANY" weightage="20" keywordseo="human-resources">Human Resources</keyword>, said in a statement. Amazon employs more than 875,000 people around the world and, since the start of the pandemic, has hired more than 175,000 new employees -- offering new job opportunities to people affected by the economic impact of the pandemic. Amazon said it is spending billions of dollars on Covid-19 related safety measures. In the wake of rising Covid-19 cases, several technology companies extended work from home timelines. While Twitter in May told its workers that they can continue work from forever if their roles permit, Google later said it would allow its employees to work from home till the middle of next year. <keyword id="6354576" type="COMPANY" weightage="20" keywordseo="facebook">Facebook</keyword> also extended the work from home option for workers till July 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ongc-set-to-merge-refining-subsidiary-mrpl-with-hpcl-by-june-2021/articleshow/78785271.cms">ONGC set to merge refining subsidiary MRPL with HPCL by June 2021</a>

Amazon extends work from home option till June next year

New Delhi, Apr 1 () India's top oil firm IOC has declared force majeure on crude purchases from four of its biggest suppliers - Saudi Arabia, Iraq, UAE and Kuwait - as refinery run rates have been cut down in view of plummeting fuel demand following a nationwide lockdown.Sources said IOC has asked the four suppliers to defer some of the volumes they were to deliver in April.The company has reduced processing at its refineries by at least one-fourth as shutting down of businesses, suspension of flights and most vehicles staying off road due to the 21-day nationwide lockdown has led to drastic fall in demand.A force majeure event refers to the occurrence of an event that is outside the reasonable control of a party and which prevents that party from performing its obligations under a contract.The sources said petrol sales fell 8 per cent in March compared to February, while diesel demand was down 16 per cent. Aviation turbine fuel (ATF) sales fell 20 per cent.The government declared a 21-day nationwide lockdown beginning March 25 to curb spread of coronavirus.The sources said with demand falling, crude intake at refineries has been cut.Both crude and finished petroleum product tanks are full to the brim and refineries cannot take more crude.While Adnoc of UAE has shown favourable intent to defer supplies, Saudi Arabia and Iraq are yet to respond to IOC request, they said.Besides IOC, Hindustan Petroleum Corp Ltd (HPCL) too has declared force majeure on Iraqi supplies.Also, Mangalore Refinery and Petrochemicals Ltd (MRPL) has shut a third of its 15 million tonnes a year refinery and has declared force majeure with all suppliers. ANZ BAL

IOC declares force majeure on oil purchases from Saudi, UAE, Iraq, Kuwait

New Delhi, Feb 14 () State-owned Oil and Natural Gas Corp (ONGC) on Friday reported halving of its December quarter net profit after it faced the double whammy of falling oil and gas prices and a drop in production. Standalone net profit in October-December at Rs 4,152 crore was 49.8 per cent lower than Rs 8,263 crore net profit in the same period of the previous fiscal, the company said in a statement. The firm got 10 per cent lower price at USD 59.73 for the crude oil it produced and 4 per cent lower rate for natural gas at USD 3.23 per million British thermal unit. Lower oil prices led to revenues dropping 14.4 per cent to Rs 23,710 crore in the third quarter of current fiscal. ONGC said oil production was 1 per cent lower at 4.82 million tonnes in the October-December quarter, while gas output saw 8.4 per cent reduction at 5.875 billion cubic metres. It did not give reasons for the drop in production. Most of the fields it operates are old and are well past their prime. A natural decline in production has set in fields such as Mumbai High and Bassein in western offshore. ONGC said it has made 10 discoveries of oil and gas in the current fiscal. These include six new prospects and four extensions of previous finds. The discoveries include oil and gas finds in Mumbai High and a gas discovery in KG Onland block. For April-December, the company reported a 28 per cent drop in net profit to Rs 16,319 crore and a near 10 per cent fall in revenues to Rs 82,896 crore. Consolidated profit, after including earnings of listed subsidiaries such as Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd, was 43.7 per cent lower at Rs 5,384 crore in October-December and 35 per cent lower at Rs 17,913 crore in April-December 2019. Revenues were 6.7 per cent lower at Rs 109,443 crore in the third quarter and 6 per cent lower at Rs 3,20,512 crore in the first nine months of current fiscal. Both HPCL and MRPL are listed and their earnings are reported separately. ANZ ABM

ONGC Q3 net halves on fall in oil, gas prices, output

New Delhi, Oil sector public sector undertakings (PSUs) may have to bear a <keyword id="9705803" type="UNKNOWN" weightage="20" keywordseo="larger-share">larger share</keyword> of <keyword id="10488841" type="UNKNOWN" weightage="20" keywordseo="additional-dividend-payment">additional dividend payment</keyword> to the government this year with almost all companies falling behind on their capex plan for the current fiscal. As of November, the capex of PSU oil companies put together stands at ₹46,303 crore, less than 50% of the annual target of ₹98,522 crore. The government has asked companies to complete at least 75% of capex till the end of December quarter. But this looks highly unlikely now pushing the case for higher dividend payout. In meetings with PSUs, Finance Minister Nirmala Sitharaman had stressed on the need for PSUs to step up <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">investment</keyword> during the time of the pandemic to boost overall sentiments and kickstart investment climate in the country. She had specifically urged companies to complete at least 75% of capex target by December-end and more than 100% by March. "It is a double whammy for PSUs now. They have to cough up more either through investments or through payment of additional dividends. It should also be seen that the companies are finding it difficult to meet capex targets given financial and project implementation constraints. Covid has severely dented demand and slowed project implementation. Consequently, there is already a strain on their resources that would get heightened as additional dividend would have to be paid," said a top official of a PSU, asking not to be named. While almost all PSUs are facing delays and difficulties in stepping up the gas and increasing investments, the situation among companies in the oil and gas sector looks worse. Slow demand conditions in early part of the year resulted in slowing of several capex plans. Though the situation has improved from November onwards, still its a long way to go for normalcy to return in the sector. For the government, oil sector PSUs are also set to make big inventory gains due to firming up of crude prices, and hence they are being looked at for higher interim dividend or special dividend and a few may also be considered for share buyback depending on market conditions. Among the oil and gas PSUs, the worse performer in terms of capex spend is the country's largest oil and gas explorer ONGC and largest public sector refiner <keyword id="6356834" type="DOMAIN" weightage="20" keywordseo="indian-oil-corporation">Indian Oil Corporation</keyword>. According to oil ministry's <keyword id="819806" type="COMPANY" weightage="20" keywordseo="Petroleum-Planning-and-Analysis">Petroleum Planning and Analysis</keyword> Cell (PPAC), while ONGC had completed just ₹14,959 crore worth of capex upto November out of FY21 investment target of ₹32,502 crore, IOC's capex upto November is ₹12,104 crore against annual target of ₹26,233 crore. Similarly, HPCL has completed capex of ₹5,658 crore (upto November) against target of ₹11,500 crore; Gail India - ₹2,614 crore against annual target of ₹5,412 crore; Oil India - ₹2,136 crore vs ₹3,877 crore target; MRPL - ₹631 crore vs ₹1,150 crore, OVL - ₹3,765 crore vs ₹7,235 crore. Among the worst performer on capex is privatisation-bound <keyword id="155363" type="DOMAIN" weightage="20" keywordseo="Bharat-Petroleum-Corporation-Ltd">Bharat Petroleum Corporation Ltd</keyword> (BPCL) which has spent just ₹3,716 crore against target of ₹9,000 crore. Officials sources said that PSUs with stock prices higher than the book value and who have sufficient cash funds may also be asked to shell higher dividend in FY21. A call will be taken after the third quarter results of companies are declared late January or early February next year. With the central government being the largest shareholders in PSUs, higher dividend would largely help it to fill its coffers at a time when revenue is constrained due to a overall fall in economic activity during the pandemic while expenditure has risen sharply. Dividend from non-financial PSUs have been budgeted at ₹65,747 crore in FY21. Any increase in this will give a boost to non-tax revenue of the government and help its bridge the rising fiscal deficit that as per initial estimate is now pegged close to 8% of GDP. Finance Minister Nirmala Sitharaman and her predecessors, including the late Arun Jaitley and P. Chidambaram, had maintained the policy of advising non-financial state-owned companies that if they are not utilising their cash reserves for capex needs, they should give it to the Centre through dividends or share buybacks. As per the guidelines issued by disinvestment department DIPAM, every CPSE is required to pay a minimum annual dividend of 30% of PAT or 5% of the net-worth, whichever is higher. Apart from oil sector, several PSUs in power and mining space have completed just about 40% annual capex by November due to constrained business environment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/thelife/personalities/news/from-taking-on-yahoo-to-being-tamed-by-chinas-communist-party-its-been-a-roller-coaster-decade-for-jack-ma/slidelist/79935613.cms">From taking on Yahoo to being tamed by China’s Communist Party— it’s been a roller coaster decade for Jack Ma</a> <a href="https://www.businessinsider.in/careers/news/ey-is-looking-to-hire-9000-techies-in-2021-to-boost-its-digital-services/articleshow/79936576.cms">EY is looking to hire 9,000 techies in 2021 to boost its digital services</a>

Revenue constrained government may push oil PSUs short on FY21 capex to pay higher dividend

After two years, <keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> stops one of most important privileges to India. Iran has ended free shipping of crude oil to India and has asked refiners like Mangalore Refineries (MRPL) and Essar Oil to arrange for freight, Oil Minister <keyword id="197418" type="PERSON" weightage="100" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> said today. 

	Iran had in November 2013 offered free delivery of crude oil to Indian refiners as tough Western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation.
 

	"From April 2016, NIOC has informed oil-importing companies like MRPL and Essar Oil that the future delivery would be based on Free on Board (FOB) basis and the freight has to be arranged by the buyer," Pradhan said in a written reply to a question in the Rajya Sabha here.
 

	FOB is a trade term requiring the seller to deliver goods on board a vessel arranged by the buyer.
 

	During the last two-and-a-half years, Iran sold Indian refiners crude oil on cost, insurance and freight (CIF) basis. CIF is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination.
 

	Pradhan said the National Iranian Oil Company (NIOC), however, has agreed to provide vessels and insurance till such time Indian companies are able to arrange the same.
 

	Iran came out of western sanctions in January and has since then made several changes in the way it trades its vast oil.
 

	Besides ending free shipping, it has terminated a three-year-old system of getting paid for half of the oil dues in rupees.
 

	"NIOC has asked for all the payments in euros," he added.
 

	Iran wants all bills raised from April to be settled in euros and the nearly $6.5 billion that refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) owe it in past dues, to also be cleared in euros.
 

	Since February 2013, Indian refiners like Essar Oil and MRPL paid 45% of their import bill in rupees to the UCO Bank account of the Iranian oil company. The remaining has been accumulating, pending finalisation of a payment mechanism.
 

	With the lifting of sanctions, the payment channels will reopen and Iran is seeking the pending dues in euros.
 MRPL owes close to $3 billion to Iran while Essar Oil has an outstanding of about USD 2.5 billion. Indian Oil Corporation (<keyword id="6354733" type="ORGANIZATION" weightage="100" keywordseo="IOC">IOC</keyword>) owes over $580 million to Iran while smaller payments are due from HPCL-Mittal Energy (HMEL) and <keyword id="6374014" type="CITY" weightage="100" keywordseo="Hindustan-Petroleum">Hindustan Petroleum</keyword> Corporation. 

	Iran has accumulated about Rs 12,000 crore in the UCO bank account which it could use to make payments for imports of steel and other commodities from India.
 

	"In the international market, contracts for supply of crude oil are negotiated on FOB or CIF basis. Hence, the cost of import of crude oil from Iran during 2016-17 will depend on the negotiated terms and conditions between NIOC and Indian oil companies," Pradhan added. 
	 
	(Image credits: indiatimes)

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