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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

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

<ul><li><keyword id="6362419" type="General" weightage="20" keywordseo="HPCL" source="Orion">HPCL</keyword> is recruiting graduate engineers for its apprenticeship training programme for the period of one year from the date of joining across various locations in India.</li><li>The online application to apply for the opportunity has already been started and the last date of submission is December 6, 2021.</li><li>Selected candidates will be offered a monthly stipend of ₹25,000.</li></ul><keyword id="156828" type="General" weightage="20" keywordseo="Hindustan-Petroleum-Corporation-Limited" source="Orion">Hindustan Petroleum Corporation Limited</keyword> (HPCL) is hiring graduate engineers for its apprenticeship training programme for the period of one year from the date of joining across various locations in India. The online application to apply for the opportunity has already been started and the last date of submission is December 6, 2021. Interested candidates can apply online at the official website of <a href="https://portal.mhrdnats.gov.in/boat/login/user_login.action">National Apprenticeship Training Scheme (NATS)</a>. Selected candidates will be offered a monthly stipend of ₹25,000. Eligibility criteria for the HPCL apprenticeship programme — <ol><li>Only Indian nationals are eligible to apply.</li><li>Engineering graduates in civil/mechanical/electrical/electronics/telecommunication/instrumentation/computer science/information technology (IT) streams are only eligible for the programme.</li><li>Candidates who completed their graduation after January 1, 2020 are eligible to apply for the programme, candidates graduated before the date are not eligible.</li><li>Candidates must have scored at least 60% marks in all years/semesters in qualifying exams. Applicants belonging to scheduled caste (SC)/scheduled tribe (ST) and persons with disabilities (PwD) category must have scored at least 50% marks.</li><li>The minimum age criterion for the programme is 18 years and the maximum age is 25 years.</li><li>Candidates who have a work experience of one year or more are not eligible to apply.</li><li>Candidates who have been engaged previously as apprentices or are undergoing apprenticeship training elsewhere and have an apprenticeship contract with any other organisation are not eligible to apply.</li></ol>Selection methodology — <ol><li>Candidates fulfilling all the above mentioned eligibility criteria will be called for an interview which is tentatively scheduled in the month of January 2022.</li><li>All India merit list will be drawn based on the academic results of engineering degree and scores in the interview.</li><li>Final offer for apprenticeship training would be subject to clearing the medical test as per the company standards and submission of all required documents and certificates.</li></ol>How to apply for the apprenticeship programme? <ol><li>Candidates who have not enrolled themselves on the <a href="https://portal.mhrdnats.gov.in/boat/login/user_login.action">National Apprenticeship Training Scheme (NATS)</a> website will have to create their user ID and password.</li><li>Candidates already enrolled on the NATS website have to login with their user ID and password and then click on ‘Establishment Request’.</li><li>Then, select option ‘Find Establishment’ from the drop down menu.</li><li>After selecting ‘Find Establishment’, the page appears with two ‘Search Criterions’, i.e. options to search by preferences and establishment name.</li><li>Among the search criterion options, type ‘Hindustan Petroleum Corporation Limited’ in the establishment name bar and click on ‘search’.</li><li>Apprentice vacancies at Hindustan Petroleum Corporation Limited will appear on your screen, then click on establishment name "Hindustan Petroleum Corporation Limited' and click on ‘apply’ button.</li><li>Before applying candidates must ensure that all their profile details are absolutely correct as the company will not make any revisions/corrections in the data submitted by candidates. </li></ol>Interested candidates can seek more information <a href="http://portal.mhrdnats.gov.in/sites/default/files/file_upload/HPCL_Advertisement-Engagement_of_Graduate_Appprentice_Trainees_Engineering.pdf">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/tcs-is-hiring-bca-b-sc-graduates-here-are-the-details-of-eligibility-last-date-and-how-to-apply/articleshow/87870422.cms">TCS is hiring BCA, B.Sc graduates — Here are the details of eligibility, last date and how to apply</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/uk-based-supplycompass-to-ramp-up-india-operations-plans-to-hire-over-200-employees-in-the-next-12-18-months/articleshow/87869849.cms">UK-based SupplyCompass to ramp up India operations, plans to hire over 200 employees in the next 12-18 months</a>

Hindustan Petroleum is inviting applications from engineering graduates for its apprenticeship programme with a monthly stipend of ₹25,000

<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

Vadodara, Feb 27 () Hindustan Petroleum Corporation Ltd (HPCL) has set up its first electric vehicle charging facility in Gujarat at Karelibag locality here. After inaugurating the facility on Thursday, HPCL Director (Marketing) Rakesh Misri told that it is the first charging station set up by HPCL in Gujarat. Hindustan Petroleum will plan, develop and install EV charging facilities at suitable locations throughout the country. The EV stops will be equipped to charge two, three, and four-wheeler vehicles. With the installation of public charging stations, the range anxiety of EV owners is expected to reduce, which will increase the adoption of electric mobility. Increased access to charging infrastructure is vital for the uptake of electric mobility across the entire EV ecosystem Misri said. HPCL will also establish more visibility of charging infrastructure, sending a signal to the general public that India's electric mobility vision is being realised in full potential said Misri. CORR RSY MRMR

HPCL sets up first EV charging station in Gujarat at Vadodara

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

<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

<keyword id="116241" type="UNKNOWN" weightage="20" keywordseo="petrol-pumps">Petrol pumps</keyword> were one of the few places where old notes were being accepted post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> and people thronged to tank up with old Rs 1000/500 notes. 
 
The sales of fuel shot up by 10% in November as the fuel stations were accepting demonetised notes. 
 As per reports, Indian Oil Corp, Bharat Petroleum and <keyword id="6374014" type="CITY" weightage="20" keywordseo="Hindustan-Petroleum">Hindustan Petroleum</keyword> sold nearly 89,000 kilo litres of petrol on average daily between November 9 and December 7. 
 
People lined up mainly for petrol as its consumption has increased. 
 
The average every day sales of diesel from November 9-December 7 was 225,000 kilo litres, 11.4% more than in November 2015 and 7.6% higher than in October this year. The growth in diesel consumption between April and October was just 3%.

Petrol, diesel sales go up post demonetisation as people rushed to tank up fuel with old notes

<a href="http://www.businessinsider.in/searchresult.cms?query=Essar+Oil">Essar Oil</a>, Mangalore Refinery and Petrochemicals and other Indian refineries paid the second installment of $700 million to Iran today. 
This is the final installment before India eases international sanctions against the Persian Gulf country. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Essar+Oil">Essar Oil</a> paid a whopping $338 million and MRPL payed a hefty $299 million. IOC paid another $60 million while Hindustan Petroleum Corp (HPCL) paid $3 million. 
 
Today’s payments came on top of $700 million the four refiners had cleared on September 30. 
 
Image credit: Indiatimes

Indian
oil refineries pay $700 million to Iran

<ul><li><keyword id="3005928" type="General" weightage="20" keywordseo="fastag" source="Orion">FasTag</keyword> technology is adapting to a new market</li><li>Your FasTag can now pay for more transactions like fuel and food</li><li>Startups like <keyword id="4064372" type="General" weightage="20" keywordseo="numadic" source="Orion">Numadic</keyword> are enabling this ecosystem with new products </li></ul> FasTag technology has been around since 2014, with the earliest rendition of the tech being limited to toll tax payments. Like any fast e-commerce technology in India, like UPI, our country was quick to adapt to Fastag as well. Almost 10 years in, Fastag’s adaptation to more payment gateways have been fairly slow, with most famously being adapted to car parkings. This might change soon, and if startups like Numadic are to be followed up, the autonomous vehicular payment sector is a booming business. FasTag as it exists - Let’s talk numbers As per official data as of January 2021 54.6 lakh cars on roads are enabled by FasTag in India. Since then the number has only increased. As of today The FASTag system has expanded its coverage to encompass 1,228 toll plazas, which includes 339 state toll plazas. With a penetration rate of approximately 97 percent, the system has issued over 6.9 crore FASTags to users. What does Numadic do? NUmadic has formed partnerships with Hindustan Petroleum and Indian Oil to implement FASTags for fuel payments. The platform has witnessed significant growth, handling close to $1 million in vehicle transactions on a daily basis. The pilot phase commenced in October 2021. Notably, ICICI and IDFC First Bank have initiated the rollout of FASTag-enabled fuel payments at specific outlets through collaborations with petroleum giants such as Indian Oil and Hindustan Petroleum. Additionally RFID technology streamlines electric vehicle (EV) fleet management. By placing RFID readers in the vehicles and employing RFID tags for driver identification, managers can enhance route optimization, monitor vehicle usage, and boost overall efficiency. The future for gateway payments is only expanding and we will be covering it more moving forward. Our readers can also expect a video depicting the format soon. For more informative content make sure to check out our <a href="https://www.instagram.com/businessinsiderin/reels/">social media</a>.

Cars and commerce - How payment gateways in cars are changing

Indian Oil, <keyword id="44555" type="CITY" weightage="100" keywordseo="BPCL">BPCL</keyword> and <keyword id="6362419" type="CITY" weightage="100" keywordseo="HPCL">HPCL</keyword> were in fine shape despite a weak broader market as a fall in global crude oil prices, following the strength in the Dollar, helped boost sentiment on local OMCs. 
 BPCL surged 3.3 percent to 930 rupees. <keyword id="6374014" type="CITY" weightage="100" keywordseo="Hindustan-Petroleum">Hindustan Petroleum</keyword> added 2.1 percent to 788 rupees and <keyword id="59622" type="CITY" weightage="100" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> was up 1.3 percent at 422 rupees. A fall in global oil prices augurs well for these companies' export bills. 
 
Crude Oil prices slumped to their mid-April lows on a variety of reasons. The Dollar strengthened versus other peers following the Greek vote. A strong dollar pushes commodity prices lower. Rising global supply is feared as the Iranians are close to their nuclear deal with the US. Also, more importantly, US count on drilling rigs has risen for the first time in many months, pointing to increasing supply in the near term. 
 
(Image credits: indiatimes)

Even as market plummets, these 3 oil stocks soar!

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)

Iran stops free shipping of crude oil to India

The export of <keyword id="6367091" type="General" weightage="20" keywordseo="petrol" source="Orion">petrol</keyword> by Indian oil marketing companies (<keyword id="88586" type="General" weightage="20" keywordseo="OMCs" source="Orion">OMCs</keyword>) rose 142% in a year between 2020-21 and 2021-22, while there was a minuscule rise of less than 1% in the export of diesel during the same period. According to official figures, the OMCs exported 668 thousand metric tonnes (TMT) of petrol in 2021-22, which was 142% more than 276 TMT of petrol exported by the country in 2020-21. In 2020-21, the OMCs exported 1,985 TMT of diesel, while in 2021-22, it exported 1,994 TMT of diesel, a growth of less than 1% over the previous year. The three OMCs, namely the <keyword id="6356834" type="General" weightage="50" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword>, <keyword id="6374014" type="General" weightage="80" keywordseo="hindustan-petroleum" source="Orion">Hindustan Petroleum</keyword>, and <keyword id="156368" type="General" weightage="50" keywordseo="bharat-petroleum-corporation" source="Orion">Bharat Petroleum Corporation</keyword>, export petrol and diesel to several nations across the world. OMCs export surplus petrol and diesel to other countries only after meeting domestic demand in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/verdict-on-demonetisation-cannot-be-interpreted-as-upholding-the-move-cpim/articleshow/96682871.cms">Verdict on demonetisation cannot be interpreted as upholding the move: CPI(M)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rishabh-instruments-files-draft-papers-with-sebi-to-mobilise-funds-via-ipo/articleshow/96683706.cms">Rishabh Instruments files draft papers with SEBI to mobilise funds via IPO</a>

Petrol export by OMCs rose 142% between 2020-21 and 2021-22

<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>

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