Shares of oil marketing companies (OMCs) were trading lower in the range of 2% to 4% on the BSE in early morning trade on Thursday after global crude oil prices hit 3-year high on Wednesday.
Hindustan Petroleum Corporation or HPCL (down 4% at Rs 308), Bharat Petroleum Corporation or BPCL (down 3.7% at Rs 390) and Mangalore Refinery & Petrochemicals or MRPL (down 3% at Rs 104) have hit their respective 52-week lows on the BSE in intra-day trade today.
Shares of oil exploration, equipment and services companies were trading higher on the bourses by up to 7% on Wednesday in otherwise subdued market after on higher crude oil prices.
Oil and Natural Gas Corporation (ONGC), Oil India, Aban Offshore, Jindal Drilling & Industries, Hindustan Oil Exploration and Deep Industries were up in the range of 3% to 7% on the BSE. On comparison, the S&P BSE Sensex was down 0.30% at 33,780 points at 10:07 AM.
Public sector oil marketing company BPCL was the sole qualified bidder for Nagarjuna Oil Corporation (NOC), under IBC. The committee of creditors appointed by the NCLT met on Friday in Chennai to consider the bids of BPCL, a Maharatna PSU, and Citax Ventures, UK, promoted by S G Srinivas, who earlier as the promoter of Netoil, failed to bring in funds to revive NOC .
Mumbai: Bharat Petro Resources Ltd (BPRL), the exploration and production arm of state-run oil marketing company Bharat Petroleum Corp. Ltd (BPCL) is planning to raise $600 million to refinance debt, two people aware of the development said.
BPRL has $600 million debt, which the firm accumulated across its acquisitions of global hydrocarbon assets.
NEW DELHI: State-owned Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) may buy 26 per cent stake each in gas utility GAIL India Ltd, paying the government over Rs 20,000 crore each to become integrated energy firms.
Following Finance Minister Arun Jaitley's February 2017 Budget announcement of creating integrated oil majors, IOC and BPCL had submitted separate proposals to buy the government's 54.89 per cent stake in India's biggest gas marketing and transportation firm, GAIL.
ONGC, Oil India and BPCL’s Area-1 project moved a step forward this week although FID may still be months away. Even so, with start-up only in 2023E, any earnings uplift is years away with development spend likely to weigh on cashflow in the interim with Oil India, BPCL more vulnerable to downside surprises than ONGC. Nonetheless, with valuations inexpensive we keep our ‘Buy’ on ONGC, Oil India preferring IOCL to BPCL/HPCL in downstream SOEs.
Shares of state-owned oil marketing companies (OMC) were trading weak with the Indian Oil Corporation (IOCL) hitting a 52-week low of Rs 363.60 on the National Stock Exchange (NSE) in intra-day trade on Wednesday.
Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were down 1% to 2%, as compared to 0.07% rise in the Nifty 50 index.
Oil Minister Dharmendra Pradhan on Wednesday said IOC and BPCL are both keen to acquire gas utility GAIL India Ltd, which as per the extant policy needs to be split by separating gas transportation business from its marketing unit.
IOC and BPCL have separately indicated to the Petroleum Ministry their interest in taking over GAIL to add natural gas to their oil refining and marketing business.
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