New Delhi, Mar 31 () Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and other public sector oil companies have contributed over Rs 1,000 crore to the Prime Minister CARES Fund to help in the fight against COVID-19 pandemic. ONGC was the top contributor with Rs 300 crore, followed by IOC chipping in Rs 225 crore. Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) provided Rs 175 crore, while Hindustan Petroleum Corp Ltd (HPCL) chipped in Rs 120 crore. Petronet LNG Ltd gave Rs 100 crore, gas utility GAIL Rs 50 crore and Oil India Ltd another Rs 38 crore. ONGC Chairman and Managing Director Shashi Shanker said the company gave Rs 300 crore from its corporate social responsibility (CSR) funds while the company employees contributed two days' salary, totalling Rs 16 crore, to the fund. "We are maintaining oil and gas production by practicing social distancing," he said adding besides contributing to the PM fund, company employees and their families have feeding hungry daily wagers. In Vadodara, company employees not just fed daily wagers but also handed over 300 ration kits (8 kg each) to the district police chief for distribution. At Dehradun, the company distributed 10,000 sanitizers and an equal number of face masks to poor slum dwellers. In Noida, ONGC employees at their personal level handed over 100 food packets to the police, he said. "IndianOil as a responsible corporate is contributing Rs 225 crore to #PMCaresFund specially created to combat COVID-19 pandemic," the company said in a tweet adding its employees are also contributing two days' of their salary towards the fund. In a statement, Petronet LNG Ltd said it has made a contribution of Rs 100 crore to the PM CARES fund. "While ensuring a seamless supply of LNG to India, the company stands with the nation and has also contributed Rs 1.53 crore to various health institutions for procuring personal protective equipment for healthcare workers at Bharuch in Gujarat and Kochi in Kerala," it said. BPCL in a statement said it continues to operate units, feeding the nation with fuel and LPG. "We want to assure everyone that we have enough of LPG stock, across our network. All our LPG plants have enough manpower to operate them and all our distributors are making all efforts to deliver Bharatgas cylinders at the doorstep of our consumers," it said. "BPCL and its subsidiaries commit Rs 175 crore towards PM CARES fund to help the government to combat coronavirus, as our humble contribution towards the well-being of the society," it said. Oil India Ltd Chairman and Managing Director Sushil Chandra Mishra said the company is contributing Rs 38 crore to the fund. "OIL strives not only towards energy security of the nation but also is resolved in rising to the occasion to combat this difficult time." Besides, employees of OIL have contributed one day's salary to the PM fund, he said. GAIL, besides contributing Rs 50 crore to the PM Fund, said its employees have contributed 2 days' salary amounting to Rs 3.8 crore. Further, Numaligarh Refineries Ltd has contributed Rs 25 crore, OIDB Rs 17 crore, MRPL Rs 2 crore, CPCL Rs 2 crore and Engineers India Ltd Rs 1 crore. "I am grateful, and delighted, to announce that the oil and gas establishment is ready with a contribution of Rs 1031.29 crore by the PSUs and other oil JVs for the PM-Cares Fund. Additionally, Rs 61 cr has been contributed by colleagues of PSUs from their salaries for the #PMCARES," Oil Minister Dharmendra Pradhan tweeted. "I am humbled to see the commitment of our people of oil and gas PSUs when the world faces one of the biggest crises. I am proud to be a part of this family," he added. ANZ ANZ ANSANS

ONGC, IOC, other oil cos contribute over Rs 1,031 cr to PM COVID-19 fund

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

<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

India is on its way to ask Tehran for rights to develop ONGC-discovered Farzad-B gas field in the Persian Gulf even as it prepares to pay $ 6.5 billion in past oil dues. 
 Indian firms have so far shied away from investing in <keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> for the fear of being sanctioned by the US and Europe. The same was deterring New Delhi from claiming rights to invest nearly $ 7 billion in the biggest gas discovery ever made by an Indian firm abroad. But with Iran and six world powers sealing an accord to curb the Islamic Republic's nuclear programme in return for ending sanctions, India is making a renewed pitching for rights to develop 12.8 Trillion cubic feet of gas reserves <keyword id="46585" type="COMPANY" weightage="100" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword> had found in 2008. "We have been in negotiations with Iran over development of Farzad-B gas field. Now that sanctions will ease, we expect Iran to give us the developmental rights," OVL Managing Director <keyword id="2246392" type="UNKNOWN" weightage="100" keywordseo="Narendra-K-Verma">Narendra K Verma</keyword> told PTI. 

	Also, the easing of sanctions would mean India can freely buy crude oil from Iran. Sanctions had meant that New Delhi could import no more than 9 million tonnes of oil this fiscal, the same volume it had shipped from Iran in 2013-15. 
 

	"We have just heard of the deal but we have not seen any details of when the sanctions will be lifted. We are awaiting more details to decide on crude purchases," a top official with a refiner which buys Iranian oil said. 
 

	An oil ministry official said lifting of sanctions would also mean oil refiners will have to clear $ 6.5 billion in past dues on purchase of Iranian oil. 
 

	Since February 2013, Indian refiners like Essar Oil and Mangalore Refinery and Petrochemicals (MRPL) have been paying in rupees to UCO Bank 45 per cent of their payment due on purchase of crude oil from Iran. The remaining has been accumulating, pending finalisation of a payment mechanism. 
 They had last year paid nearly $ 3 billion in six installments through a limited payment channel following start of nuclear talks between the West and Iran. The outstanding has since climbed to nearly $ 6.5 billion. Of this, Essar Oil owes about $ 3.5 billion and MRPL $ 2.5 billion. The rest $ 500 million is to be paid by <keyword id="59622" type="CITY" weightage="100" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (IOC). 

	The official said the government expects that payment channels to open soon and Iran making a demand for clearing of past dues. 
 

	The historic nuclear deal struck today, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme. 
 

	If approved by the US Congress, it would enable the holder of the world's fourth-biggest crude reserves to ramp up energy exports with the easing of international sanctions on exports in return for curbs on its nuclear programme.

	 
	 
	(Image credits: Indiatimes)

India to ask for rights to invest in oil reserves in Iran

British petroleum major <keyword id="111764" type="CITY" weightage="100" keywordseo="BP-Plc">BP Plc</keyword>, which is on the edge of entering the rapidly expanding jet fuel market of India, has crossed a significant regulatory milestone in the process. 
 "BP has been granted 'in-principle' approval to market <keyword id="59621" type="ORGANIZATION" weightage="100" keywordseo="Aviation-Turbine-Fuel">aviation turbine fuel</keyword> (ATF) in India ... Air BP aims to build a strong, sustainable and material business in India, drawing upon our global expertise combined with the skills of a strong local partner," a company spokesperson told ET. 
 
What attracted BP to India was its rapidly growing airline business, which is expected to be the third largest by 2020. BP, which is one of the world's largest aviation fuel marketers, has a presence in 50 countries and boasts of several airlines, airports and military organisations as its clients. 
 
After its debut in the Indian market, its long experience, expertise and brand equity will be in competition with the easy supply, longstanding ties with clients and control over marketing infrastructure of the already existing Indian companies. 
 
Talking of the legal formalities, for a licence to market transport fuel in India, a company must have invested or proposed to invest at least Rs 2,000 crore in exploration and production, refining, pipelines or terminals in the country. Last year, the Indian government had rejected BP's application for licence on this very ground. 
 These competitors include private players like Reliance Industries, Essar and a joint venture of Shell and state-run MRPL. However, even these players have failed to challenge the dominance of state firms, and especially <keyword id="6354412" type="COMPANY" weightage="100" keywordseo="indian-oil">Indian Oil</keyword>, which happens to be the market leader with a 64% share. The reasons for its dominance include traditional ties with clients, including the government, and superior infrastructure across the country. 
 
<a href="http://img12.olx.bg/images_prodavalnikcom/86493950_1_800x600_chisto-nova-tsisterna-piko-piko-british-petroleum-ho-187-gr-plovdiv_rev003.jpg">Image source</a>

This global petroleum giant is making its debut in the high-stakes Indian ‘Jet-Fuel’ market

<a href="http://www.businessinsider.in/searchresult.cms?query=%E2%80%8BKOTAK+BANK">KOTAK BANK</a> LTD.: The private lender surged 4.2 percent to 691.50 rupees after second quarter net profit rose to 569.5 crore rupees versus 444.5 crore rupees in the year ago quarter. Unlike its larger peer Axis Bank, Kotak did not report higher sales of potentially non performing loans to asset reconstruction companies, prompting a sharp spike in its share price. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=NTPC">NTPC</a> LTD.: India's top power generator surged 5.2 percent to 134.50 rupees and became the top gainer on the <keyword id="6354813" type="COMPANY" weightage="80" keywordseo="nifty">Nifty</keyword> after second quarter net profit jumped 40 percent to 2,898 crore rupees. NTPC added four units of 200 MW each to its overall capacity in the past quarter, boosting both profit and sales. 
 
GLENMARK PHARMACEUTICALS LTD.: The drugs major jumped 6.1 percent to 1,001 rupees after second quarter earnings after tax gained 20 percent to 198 crore rupeees. Sales grew 13.6 percent to 1,909 crore rupees 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=ITC">ITC</a> LTD.: India's top cigarette maker and hotels conglomerate plunged 4.7 percent to 333.40 rupees after second quarter net profit remained flat at 2,431 crore rupees compared with 2,425 crore rupees in the year ago quarter. Total income slipped to 9,303 crore rupees. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=MRPL">MRPL</a> LTD. The mid-sized refining giant fell 2.8 percent to 55 rupees after it reported a second quarter net loss of 910 crore rupees versus a loss of 950 crore rupees in the year ago quarter. 
 
Image credit: Indiatimes

Here are the Top Winners at the Markets today

<a href="http://www.businessinsider.in/searchresult.cms?query=Indian+stocks">Indian stocks</a> fell for the fifth day in a row on Friday as quarterly earnings from Larsen &amp; Toubro and ITC disappointed analysts even as traders found value in beaten down private lenders ICICI, Kotak and Yes Bank. 
 
The Nifty, which traded in positive territory for the first half-hour, dropped 46 points to close at 8,065 points, bringing this week's losses to 3 percent. Mahindra &amp; Mahindra, ITC, Larsen &amp; Toubro, Vedanta and Bosch were the top losers on the index while private banks Kotak, ICICI, Yes and NTPC and Dr. Reddy's made it to the top five winning slots on the index. The Nifty's <a href="http://www.businessinsider.in/searchresult.cms?query=Advance-Decline+Ratio">Advance-Decline Ratio</a> stood at 16/34 and Larsen, Axis and ICICI Bank were the three top traded counters on the benchmark. NTPC, post a stellar set of quarterly earnings, was the top gainer on the Nifty. 
 
Suzlon, Unitech and JP Associates were the most traded stocks on the <a href="http://www.businessinsider.in/searchresult.cms?query=National+Stock+Exchange">National Stock Exchange</a>. 
 
Broader markets suffered losses. Major benchmarks -- the CNX 100, CNX 200 and CNX 500 -- dropped 0.5 percent each. The Small Cap index shed 1.2 percent even as modest gains were seen on the Bank Nifty and the Finance sector benchmarks. ITC's disappointing results were reflected on the 2.5 percent plunge on the FMCG Index. The Auto and the Media space, too, came under selling pressure. 
 
Sentiment slipped on the <a href="http://www.businessinsider.in/searchresult.cms?query=Bombay+Stock+Exchange">Bombay Stock Exchange</a> too with the Sensex dropping 181 points, or 0.7 percent, to 26,657 points. 
 
The broader market was also on a weak footing with just 998 shares rising compared with 1,614 that fell. 
 
Trade was tentative on the derivatives space on the first day of the new monthly expiry. The Power sector was the lone gainer while futures in the capital goods space took in heavy selling. Strong gains were witnessed on Bharat Forge, Glenmark and Sun TV Futures. Hindalco, Lupin and TCS were among gainers while BHEL, GAIL, Coal India and HDFC dropped in trade. 
 
GIC Housing Finance, Atul Ltd and MRPL were on the top volume buzzers list and LT Foods, IDBI Bank and Gayatri Projects hit fresh highs on the exchange. 
 
Image credit: Indiatimes

Here's how the week ended at the Markets today

Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> is seen range-bound on Monday as major earnings are out of the way and overseas cues give little in terms on strong movements on either side. Top indices closed with losses for last week pointing to a bearish stance in the overall market. Keep an eye out for Tata Motors which reported numbers after markets closed on Friday. 
 
The SGX Nifty signals a 25-point drop at opening for Nifty futures today. 
 
Global cues are weak to negative. Major Indices in the US fell between 0.3-0.4 percent on Friday. Their weekly losses totalled 1.3-18 percent. Top indices turned bearish as well in Europe slipping between 0.4-0.8 percent on Friday even as they stacked up weekly gains worth 0.2-1.6 percent. The commodity space shows little or no signs of life. All four major components trade lower today. Gold Futures slipped for the 6th day, to fresh 5-1/2 year lows; Oil Futures are below $44 a barrel. Bears retain control over the metals complex. And stocks in Japan and Hong Kong have a light shade of red while stocks in China are in a fine fettle on Monday morning. 
 Meanwhile, the Nifty Index closed at 8,564 points, down 24, on Friday. Weekly gains totalled 0.4 percent. The Nifty's support levels have moved up to 8,550-8,500 levels while the resistance continues to be seen at the 8,637 point level. The <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> posted similar weekly gains as the Nifty. 
 
The sentiment remains was flat in the cash market on Friday with little or no trade done. Foreign Institutional Investors totalled net sells of `94 crore rupees on Friday, their 1st negative number in 5 days. Net purchases of domestic institutions stood at `34 crores. The derivatives space was muted too. Traders made net purchases worth 85 crore rupees for Index Futures; Net sales of 502 crore rupees for Stock Futures; Purchases of `243 crore rupees for Index options and net purchases of 16 crore rupees for Stock Options. 
 
Major delivery based trades were seen on ONGC, HPCL and BPCL in the energy space, as also in Exide, Dewan Housing, Oracle, Grasim and KSCL. These shares also showed an uptick in price. BHEL and Glenmark saw high deliveries coupled with a drop in price. 
 
 
STOCKS TO WATCH: 
 
EARNINGS-Based: Tata Motors, MRPL, Rural Electrification, UCO Bank, Punjab &amp; Sind Bank, Central Bank of India, Sobha Developers, Balkrishna Industries, Ramkrishna Forgings. 
 
THOMAS COOK: Buys out Kuoni's Indian and HK operations for 535 crore rupees. 
 
 Image credit: Indiatimes

You Searched For "mrpl" and got 9 results

ONGC, IOC, other oil cos contribute over Rs 1,031 cr to PM COVID-19 fund

PTI

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

BI India Bureau

Indian oil refineries pay $700 million to Iran

BI India Bureau

India to ask for rights to invest in oil reserves in Iran

BI India Bureau

This global petroleum giant is making its debut in the high-stakes Indian ‘Jet-Fuel’ market

BI India Bureau

Here are the Top Winners at the Markets today

Shailendra Bhatnagar

Here's how the week ended at the Markets today

Shailendra Bhatnagar

Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone

Sriram Iyer

Top Stock Market action to look out for today

Shailendra Bhatnagar