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New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 12 (ANI): India's demand for petroleum products is likely to increase by a mid-single-digit percentage in the financial year ending March 2024, following a 10 per cent post-pandemic recovery in 2022-23, according to <keyword id="19949381" type="General" weightage="20" keywordseo="fitch-ratings" source="keywords">Fitch Ratings</keyword>. Both petrol and diesel sales recorded robust 4-6 per cent increases in the first nine months of 2023-24, fuelled by heightened economic activities in the agriculture and power sectors, coupled with a surge in holiday travel and auto sales. Fitch said it expects Indian refiners' gross refining margins (GRM) to moderate during 2024-25 from the strong levels expected in 2023-24, but remain above mid-cycle levels. By 2025-26, it foresees a shift closer to mid-cycle levels, but remaining resilient, bolstered by the escalating demand for end-products. "The gradual normalisation of the crude supply mix away from Russian imports is likely to narrow GRMs, although we expect margins to stay strong, supported by the rising demand for end-products," the rating agency said. In the upstream segment, domestic oil and gas production has modestly increased, driven by a 5 per cent rise in gas production in the first nine months of 2023-24. "We expect production to continue to rise moderately as technological investments in enhanced oil recovery techniques will offset natural declines," the rating agency said. Fitch forecasts the oil and gas sector's high capex intensity to continue in the medium term, particularly with upstream companies investing in production enhancement. In the downstream segment, <keyword id="20039004" type="General" weightage="20" keywordseo="hindustan-petroleum-corporation-limited" source="keywords">Hindustan Petroleum Corporation Limited</keyword> should maintain higher capex due to planned investments by its subsidiary, HPCL <keyword id="20521636" type="General" weightage="20" keywordseo="rajasthan-refinery-limited" source="keywords">Rajasthan Refinery Limited</keyword>. The capex of other oil marketing companies, including HPCL-Mittal Energy Limited, should be minimal as they have completed their expansion projects, it said. India, the world's third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand. (ANI)

India's petroleum products demand to increase mid-single-digit percentage in 2023-24: Fitch

<ul class="summary-list"><li>Germany took control Friday of Russian-owned Rosneft's subsidiary in the country, which included three oil refineries.</li><li>The move signals freedom for Germany from Russian dependence, according to Chancellor Olaf Scholz.</li></ul>After the German government <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-germany-seizes-control-russian-rosneft-oil-refineries-2022-9">seized control of three oil refineries</a> owned by Russia's Rosneft, Chancellor Olaf Scholz said it is a step away from energy dependence on Moscow. "We are making ourselves independent of Russia, and any decisions that are taken there," he said at a news conference Friday, <a href="https://www.bloomberg.com/news/articles/2022-09-16/germany-begins-historic-takeover-swoop-energy-update">according to Bloomberg.</a> He added that Germany is taking steps to prepare for Russia to slash oil deliveries. Another refiner, per the report, has already warned it's bracing for such retaliation from Moscow. The takeover puts trusteeship stakes of the refineries PCK Schwedt, MiRo in Karlsruhe, and Bayernoil in Vohburg under the control of the German government, according to a <a href="https://www.bmwk.de/Redaktion/DE/Pressemitteilungen/2022/09/20220916-bundesregierung-stellt-rosneft-deutschland-unter-treuhandverwaltung.html">statement from the economy ministry.</a>"The decision is accompanied by a comprehensive package for the future, which will bring a transformation boost to the region and support the refinery, to ensure the supply of oil via alternative delivery routes," the statement read.Germany's seizure of the refineries comes amid a worsening energy crisis and just months before the European Union is slated to halt seaborne imports of Russian oil in December as part of a new sanctions package. Meanwhile, Rosneft earlier this week reported that profits for the first half of 2022 <a href="https://markets.businessinsider.com/news/commodities/russian-oil-crude-kremlin-billion-sanctions-war-ukraine-us-europe-2022-9?utm_medium=ingest&amp;utm_source=markets">climbed 13% to roughly $7.2 billion</a> thanks to expensive global crude prices and despite sanctions.

Germany's takeover of Russian refineries frees the nation from dependence on Moscow, Chancellor Olaf Scholz says

<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

New Delhi, Jan 6 () Fitch Ratings on Monday said it expects Hindustan Petroleum Corp Ltd's (HPCL) refining margins to fall by one-third during the current fiscal due to volatility in crude prices leading to inventory losses.
Fitch affirmed HPCL's rating 'BBB-' with stable outlook, in line with the credit profile of its largest shareholder Oil and Natural Gas Corp Ltd (ONGC).
"The agency assesses HPCL's standalone credit profile at 'bb' to reflect its position as one of India's biggest oil-marketing companies, average-but-improving complexity of its refining assets and moderate financial profile," Fitch said in a statement.
HPCL, it said, is highly strategic to ONGC's vertical integration strategy, and its refining capacity, along with its large fuel retail network, increases ONGC's downstream integration, making the company India's third-largest oil-refining and fuel-marketing company.
The investment in HPCL is also ONGC's largest. ONGC in January 2018 paid Rs 36,915 crore to acquire 51 per cent stake in HPCL from the state. "We believe there is a high likelihood of exceptional support from ONGC to HPCL should the subsidiary face financial difficulties," it added.
HPCL has about one-fourth market share of India's fuel marketing, and the second-largest number of retail fuel outlets. With its refining capacity of 27 million tonnes per annum (mtpa), including 11 mtpa of capacity in its joint venture, HPCL-Mittal Energy Ltd is set to increase it to 36 mtpa within the next 12 months, and accounts for over 10 per cent of the country's refining capacity.
HPCL marketed about 19.5 million tonnes of fuel in the six months ended September 30, 2019 and refined 8.5 million tonnes. "We expect HPCL to maintain its leading position over the medium term in light of its expansion plans," it said.
Fitch expected HPCL to incur around Rs 60,000 crore in capex over FY20-FY23 to expand and upgrade its refineries, while also enhancing its retail and pipeline infrastructure.
"We expect these investments to improve HPCL's refining asset quality and business profile over the long term," it said. "However, we expect the investment plans to result in negative free cash flows over the medium term, driving up leverage."
HPCL's Mumbai refinery capacity will increase from 7.5 mtpa currently to 9.5 mtpa by end-January 2020, and that at the Visakhapatnam refinery will rise from 8.3 mtpa at present to 15 mtpa in July 2020.
"Fitch expects HPCL's standalone gross refining margins (GRM) to fall to USD 3.2 a barrel in FY20 from USD 5.0 a barrel in FY19. GRMs for HPCL's refining segment fell to USD 1.9 per barrel during 1HFY20," the statement said. "This was in line with the industry due to strong new supply from China, volatility in crude prices leading to inventory losses, and unfavourable movement in the light-heavy crude spreads."
However, Fitch expected the margins to gradually improve from 2HFY20, benefitting from strong diesel spreads, driven by new global marine-fuel regulations as HPCL has a higher share of middle distillates in its refining product slate that meet the requirements.
Its GRMs should also benefit over the medium term from the completion of modernisation and expansion of its refineries, improving their Nelson Complexity Index to 10 from an average of around 8 currently.
HPCL's standalone credit profile is one notch lower than the 'bb+' of both Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL).
IOC and BPCL are larger, have greater vertical integration and a better balance between refining and marketing volumes than HPCL, justifying the one-notch difference, although the SCPs of all three have low headroom in their financial metrics, Fitch said. ANZ BAL

Fitch says HPCL refining margins to fall in current fiscal

<ul><li>As the US sanctions on <keyword id="41896" type="LOCATION" weightage="20" keywordseo="Iran">Iran</keyword> are set to take into effect in November, the Indian government has been ordered to wind down its purchases of Iranian <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword>. </li><li>This will be difficult. <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> is the second-largest buyer of Iranian crude oil, which is cheaper than oil sourced from other countries. </li><li>Therefore, in order to bypass sanctions, Indian refiners will pay for Iranian oil in <keyword id="6540311" type="UNKNOWN" weightage="20" keywordseo="rupees">rupees</keyword> and route payments through <keyword id="49007" type="COMPANY" weightage="20" keywordseo="Uco-Bank">UCO Bank</keyword> and IDBI Bank. </li></ul>When the Trump administration decided to pull out of the Iran Nuclear deal earlier this year and re-impose sanctions on Iran, the Indian government likely panicked. India is the second-largest buyer of Iranian crude oil, sourcing more than 10% of its overall oil <keyword id="35091" type="CITY" weightage="20" keywordseo="imports">imports</keyword> from the Middle Eastern country. Iran provides the commodity at significantly lower prices than other countries and also offers India a host of perks such as extended credit terms and cheaper freight costs. This has manifested itself in higher purchases. India’s oil imports from Iran more than doubled to <a href="https://financialtribune.com/articles/energy/87503/iran-india-drop-dollar-in-oil-trade">27.2 million tonnes</a> in the previous financial year. As the US-led sanctions are set to take into effect in November, the Indian government has been ordered to completely wind down its purchases of Iranian oil or risk violating sanctions. However, cutting imports to zero from Iran is unlikely because India simply cannot switch to more expensive sources of crude oil overnight without adverse short-term effects on its already-widening current account deficit and dramatic adjustments to its refineries, which are calibrated to process Iranian oil. Besides, Indian consumers cannot stomach a continued hike in fuel prices. Thankfully, it seems that India has found a way to bypass US sanctions for the time being even as it has <a href="https://timesofindia.indiatimes.com/business/india-business/indias-iran-oil-purchases-to-fade-ahead-of-us-sanctions/articleshow/65807940.cms">reduced imports</a>. Much like they did before the Iran nuclear deal was signed in July 2015, India’s oil refining companies will pay for Iranian oil in rupees instead of euros and dollars starting 4 November, according to the Economic Times. In turn, Iran will use the rupees to pay for Indian imports. The refiners in question - Indian Oil Corp, Nayara Energy and Mangalore Refinery and Petrochemicals - will route payments through UCO Bank and IDBI Bank, which have domestic branches in Iran and don’t have any exposure to the US. UCO Bank handled oil payments when the first round of sanctions came into effect in 2011. During 2011-2015, India also routed a portion of the payment to Iranian oil companies through Turkey’s Halk Bank. With regards to the latest round of sanctions, India was said to exploring <a href="https://timesofindia.indiatimes.com/india/india-in-touch-with-eu-over-alternative-payment-mechanism-for-iran-oil-imports/articleshow/65877456.cms">alternative payment options</a> for Iranian oil with the EU. However, it seems that nothing came of the talks.

India’s refiners will bypass US sanctions by paying for Iranian oil in rupees

<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

The world’s top crude oil exporter Saudi triggers potential price war with its Asian competitors by flooding the market with millions of barrels of diesel.
 <keyword id="50996" type="COUNTRY" weightage="100" keywordseo="Saudi-Arabia">Saudi Arabia</keyword>, a leading member in the Organization of Petroleum Exporting Countries (OPEC), already pledged last November to keep crude output high to defend its market share against higher-cost producers. 

	While the strategy has kept crude markets well-supplied and prices low, the Kingdom has seen mixed success in defending its market share as global production remains high despite low prices.
 Saudi Arabia is now processing more of its crude at home as its massive refineries turn it into the world's fourth-largest refiner, in a tie with <keyword id="126908" type="CITY" weightage="100" keywordseo="Royal-Dutch-Shell">Royal Dutch Shell</keyword>,that allows the Kingdom to export more fuel products than ever before. Aramco Trading Co, a subsidiary of state oil giant <keyword id="152170" type="COMPANY" weightage="100" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>, offered via tenders 2.8 million barrels of ultra low sulphur diesel for loading in late July to early August, trade sources said, enough to meet Japanese demand for three-and-a-half days. 

	"We are already seeing the impact in the Asia-Pacific," said Suresh Sivanandam, principal analyst for refining and chemicals at Wood Mackenzie.
 

	"This year there is not a single drop of diesel exported from Singapore to the Middle East," he added, referring to a once popular diesel export route.
 The ramp-up mainly of ultra low sulphur diesel to Europe sees the Saudis compete head on with big Asian diesel exporters India and <keyword id="5565" type="COUNTRY" weightage="100" keywordseo="South-Korea">South Korea</keyword> and reduces Asia's gas oil margin to the lowest in five years. 

	The flurry of shipping activity out of Yanbu has also pushed up freight rates for long-range tankers by nearly 20 percent since last week, a shipbroker said.
 

	Saudi Arabia opened its newest 400,000-barrels per day refinery in Yanbu in April, reaching full capacity within two months.
 

	"Yanbu has become a distillates monster," a shipbroker said, referring to the hike in exports from the Red Sea port.
 

	At least seven long-range vessels have been provisionally booked to load diesel from Yanbu headed for Europe, shipping fixtures showed.
 

	One of them is the 120,000-tonne Suezmax tanker Atina, carrying diesel to Europe, an unusually big ship to transport the fuel that showcases the scale of the new Saudi operations.
 

	Exports from the Gulf are expected to rise further as its own demand is set to fall at the end of summer when power generation drops.

	 
	 
	(Image credits: Indiatimes)

Saudi Arabia becomes a major power of refined fuel, triggers price war

On Tuesday, <keyword id="19907441" type="General" weightage="20" keywordseo="Aditya-Birla-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Aditya Birla Group" meta.hostid="261" meta.entityid="Aditya Birla Group">Aditya Birla Group</keyword>'s <keyword id="20102108" type="General" weightage="20" keywordseo="metal" source="keywords">metal</keyword> flagship <keyword id="20318152" type="General" weightage="100" keywordseo="Hindalco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindalco Industries" meta.hostid="261" meta.entityid="Hindalco Industries">Hindalco Industries</keyword> reported a 25.2% rise in consolidated profit at Rs 3,074 crore for the June quarter, on the back of favourable macros, operational efficiencies and lower input costs. The company had posted a consolidated profit of Rs 2,454 crore in the year-ago period, <keyword id="20129733" type="General" weightage="20" keywordseo="hindalco" source="keywords">Hindalco</keyword> Industries said in a regulatory filing. In a statement, the company said the consolidated PAT in the first quarter of FY'25 was Rs 3,074 crore, compared to Rs 2,454 crore in Q1 FY24, up by 25 % year-on-year (YoY)." Total income during the quarter under review rose to Rs 57,437 crore, over Rs 53,382 crore noted in the year-ago period. The consolidated revenue for the first quarter stood at Rs 57,013 crore, up 8% YoY, on account of better realisations and efficiencies in India operations. "Hindalco reported an <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> of Rs 7,992 crore (vs Rs 6,109 crore in Q1FY24) in Q1 FY25, up 31% YoY, driven by lower input costs and higher volumes," the statement said. "Our strong Q1 results ride on the back of consistent operational excellence and cost optimisation which allowed us to leverage the higher average metal prices. "The <keyword id="20076812" type="General" weightage="20" keywordseo="copper" source="keywords">copper</keyword> business achieved its highest quarterly EBITDA driven by high domestic sales (especially downstream products), healthy by-product credits and better operational efficiencies following a successful planned shutdown," Satish Pai, Managing Director, Hindalco Industries said. The <keyword id="20472150" type="General" weightage="20" keywordseo="aluminium" source="keywords">Aluminium</keyword> India upstream business recorded an 81% growth in EBITDA over the previous year, he said. "Looking ahead, the major capital formation phase of the downstream business is near completion, and from here on, we will explore growth opportunities in the upstream business, given our strong cash position," he explained. The company said its copper business delivered a new record-breaking performance in the first quarter, with EBITDA at an all-time high of Rs 805 crore, up 52% YoY, backed by higher average copper prices and robust operations. Hindalco Industries Ltd is the metal flagship company of the Aditya Birla Group. A 26 billion dollar metals powerhouse, Hindalco is the world's largest aluminium company by revenues, and the world's second largest Copper rods manufacturer (outside China). Hindalco operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary <keyword id="20665479" type="General" weightage="20" keywordseo="novelis" source="keywords">Novelis</keyword>, Hindalco is the global leader in flat-rolled products, and the world's largest recycler of aluminium. Hindalco is the country's largest copper producer, serving more than half the nation's copper requirements. Its copper facility in Gujarat, comprises a copper smelter and refinery complex, downstream facilities, and a captive jetty. Hindalco's global footprint spans 52 manufacturing units across 10 countries.

Hindalco Q1 profit rises 25% Rs 3,074 crore on operational efficiencies, lower input costs

(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

<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

New Delhi, Dec 12 () Shrikant Madhav Vaidya will be the new Chairman of the country's biggest oil firm, Indian Oil Corp (IOC).
Vaidya, who currently is Director (Refineries) at IOC, was selected for the top post by government headhunter Public Enterprise Selection Board (PESB) on Thursday, sources with direct knowledge of the development said.
He was selected after PESB interviewed five candidates, including four directors on IOC board - Director Finance Sandeep Kumar Gupta, Director HR Ranjan Kumar Mohapatra and Director R&amp;D SSV Ramakumar. Besides these and Vaidya, the fifth candidate interviewed was Rahul Bhardwaj, an executive director with the company.
Vaidya, 56, joined the IOC Board in October and will replace Sanjiv Singh who retires as Chairman of the company at the end of June next year.
Sources said Vaidya will be first screened by anti-corruption bodies CVC and CBI before his candidature is put before the Cabinet Committee on Appointments headed by Prime Minister for approval.
He will have a tenure of just over three years ending in August 2023 when he attains the superannuation age of 60 years.
A Chemical Engineer from the National Institute of Technology, Rourkela, Vaidya has over three decades of extensive experience in all the facets of refinery and petrochemical operations, which includes the commissioning of the largest cracker plant in India viz Panipat Naphtha Cracker Complex, his profile on the company website said.
Prior to his elevation as Director (Refineries), he headed the Operations Department at the Refineries Division.
He is also a Director on the Board of Chennai Petroleum Corporation Ltd, a subsidiary of IOC and Ratnagiri Refinery &amp; Petrochemicals Ltd - the firm that is looking at setting up a 60 million tonnes refinery on Maharashtra coast.
IOC, including its group companies, is the country's top refiner with a group refining capacity of 80.7 million tonnes per annum or 161.4 million barrels per day. ANZ BAL

Shrikant Madhav Vaidya to be new Chairman of IOC

New Delhi, Feb 26 () Moody's Investors Service has downgraded the corporate family rating of HPCL-Mittal Energy Ltd to Ba2 from Ba1, and changed its outlook on the rating to stable from negative. The rating was downgraded due to weak refining margins arising from a slump in fuel demand, it said in a statement. "The downgrade to Ba2 reflects the deterioration in HMEL's credit metrics, driven by the weak refining environment in Asia as well as the company's expansion into petrochemicals, which has kept HMEL's borrowings at elevated levels," said Sweta Patodia, a Moody's analyst. The weak industry conditions are reflected in the Singapore benchmark refining margins, which declined to around USD 3.7 per barrel for 2019 compared to its historical average of USD 6-7 a barrel. "This decline in the benchmark was due to the extremely weak fuel oil spreads, which in turn were driven by International Maritime Organization's new regulation restricting the use of heavy fuel oil in marine transportation," it said. Also, the credit metrics of HPCL-Mittal Energy Ltd (HMEL) was impacted by its ongoing expansion into petrochemicals which has led to an increase in its borrowings. The company, which operates an 11.3 million tonnes a year oil refinery at Bhatinda in Punjab, is in the process of setting up a dual-feed petrochemical capacity of 1.2 million metrics tons per annum (mtpa). The project, which commenced in October 2017, was originally planned to be completed by March 2022. However, the company now intends to complete it by April 2021, accelerating its capital spending and keeping its borrowings at elevated levels. Moody's said there have been no material cost overruns so far and the total project cost continues to largely remain within management's initial estimates. Tightening regulations on the use of heavy fuel oil in the shipping industry, which kicked off in January 2020, could lead to higher demand for middle distillates and thus provide some support to refining margins, particularly for complex refiners like HMEL, it said. "The industry environment continues to remain uncertain and sustained weakness in regional refining margins could delay improvement in HMEL's credit metrics," the rating agency said. Moreover, the impact of the coronavirus outbreak on the regional demand growth for petroleum products remains uncertain. Furthermore, HMEL's refinery will undergo 35 days of a planned shutdown during September-October 2020, which will constrain its earnings and cash flow during the fiscal year ending March 31, 2021 (fiscal 2021). "The stable outlook reflects Moody's view that the company will maintain high utilisation of its refinery resulting in strong operating cash flow such that its credit metrics will continue to support its standalone credit profile," the statement said. HMEL's Ba2 rating is supported by the company's high complexity refinery that generates strong refining margins and by its 15-year offtake agreement with Hindustan Petroleum Corporation Ltd (HPCL) that provides high visibility on sales volumes. "The rating, however, is constrained by the moderate scale of the company's operations, with a single refinery and crude distillation unit, and by its exposure to the cyclical nature of the refining industry," it added. HMEL is privately owned with HPCL and Mittal Energy Investments holding a 49 per cent stake each. HPCL is in turn 51.1 per cent owned by Oil and Natural Gas Corporation (ONGC), which is 67.7 per cent owned by the Government of India. Mittal Energy Investments is a 100 per cent subsidiary of Mittal Investments SARL. As of December 3, 2019, HMEL had cash and cash equivalents of Rs 790 crore which along with expected cash flow from operations of around Rs 2,600-2,700 crore will be sufficient to cover routine capital expenditures of around Rs 1,060 crore and Rs 930 crore of debt maturities over the next 12 months. "Moody's is unlikely to upgrade the ratings until HMEL completes its ongoing expansion and successfully ramps-up its petrochemical plant," it added. ANZ DRR

Moody's downgrades rating of HPCL-Mittal Energy Ltd

New Delhi, May 15 () The board of Hindustan Zinc (HZL), a subsidiary of Vedanta, has approved an interim dividend of Rs 16.50 per equity share for FY20 amounting to Rs 6,972 crore. Vedanta owns 64.9 per cent stake in the company, while the centre retains a 29.54 per cent stake. HZL has intimated that its board of directors, through resolution passed by circulation on Tuesday, has approved interim dividend of Rs 16.50 per equity share - 825 per cent on face value of Rs 2 per share for the financial year 2019-20 amounting to Rs 6,972 crore, Vedanta informed the BSE on Friday. HZL is one of the largest integrated producers of zinc and lead and a leading producer of silver. It has facilities in Rampura Agucha, Chanderiya, Dariba, Kayad and Zawar in Rajasthan, along with zinc-lead processing and refining facilities and a silver refinery at Pantnagar in Uttarakhand. SID SID ANSANS

Hindustan Zinc board approves interim dividend of Rs 16.50/share for FY20

Mumbai, Jul 15 () Asia's richest man Mukesh Ambani on Wednesday said his group's planned stake sale in oil-to-chemical business to Saudi Aramco for an asking of USD 15 billion has not progressed as per original timelines due to COVID-19. "We value our two-decade relationship with Aramco and are committed to a long-term partnership," Ambani said at Reliance Industries' annual general meeting. He, however, did not say if the deal was on track or give a new timeline for its completion. "Deal with Saudi Aramco hasn't progressed per original timeline due to unforeseen situation in the energy market and COVID-19 situation," he said. Reliance will be spinning off the oil-to-chemical (O2C) business into a separate subsidiary "to facilitate multiple partnership opportunities," he said. "We expect to complete this process by early 2021," he said. Ambani in August last year had announced talks for sale of 20 per cent stake in the O2C business, which comprises of RIL's twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter, Saudi Aramco. The deal was to be concluded by March 2020 but was delayed. "Reliance is working to complete the contours of a strategic partnership with Saudi Aramco," Ambani had said in the firm's latest annual report without giving timelines. The partnership with Aramco would give Jamnagar refineries "access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for higher oil-to-chemicals conversion," he had said in the annual report. With a stake, Aramco would not just have a share in one of the world's best refineries and the largest integrated petrochemical complex but also access to one of the fastest-growing markets -- a ready-made market for 5 lakh barrels per day of its Arabian crude and offering a potentially bigger downstream role in future. Besides refineries and petrochemical plants, the O2C business also comprises a 51 per cent stake in the fuel retailing business. It, however, does not include the upstream oil- and gas-producing assets such as the flagging KG-D6 block in the Bay of Bengal. Ambani said Reliance has concluded the sale of a 49 per cent stake in its fuel retailing venture to BP for Rs 7,629 crore. RIL's refineries are one of the most complex in the world, allowing it to earn a significant premium to the benchmark Singapore gross refining margin. Its petrochemical complexes rank among the biggest in the world, whose dependency on outside raw materials is minimal. RIL has leadership positions both in the domestic polymer and polyester markets. The O2C business will be carved out into a division where Aramco will have an economic interest. It will have its own management and accounts just like the conglomerate's digital arm, Jio Platforms. RIL had organised all its digital businesses including Reliance Jio that has 388 million telecom subscribers, into Jio Platforms. It has sold 32.84 per cent stake in Jio Platforms Ltd - the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 1,52,055.45 crore. RIL was to receive the proceeds from the Aramco stake sale in three stages - 50 per cent on closing, another 25 per cent after one year of closing and the balance 25 per cent in the following year. ANZ ANZ BAL BAL

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