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Hindustan Petroleum Corporation Ltd.(HPCL) Related news
ONGC yet to arrive at valuation for HPCL
Posted on 13th November 2017
 
Oil and Natural Gas Corporation Ltd (ONGC) is not yet clear about the valuation of Hindustan Petroleum Corporation Ltd (HPCL), the oil marketing company it expects to acquire by around March next year.

The country's largest driller is working independently to arrive at a fair price for the deal.


 
A special CBI court here has acquitted two persons in a corruption case, citing lack of evidence and the prosecution’s failure to prove the charges. Special judge P S Tarare recently acquitted a former convener of the Oil Sector Officers Association (OSOA), Ashok Singh, and Hindustan Petroleum Corporation Limited (HPCL) executive Shishir Kumar Dubey. The CBI had filed the charge sheet against Singh, who was then Chief Regional Manager at HPCL’s Vashi Regional Office, and station manager Dubey for allegedly manipulating petrol pump meter readings and misappropriating funds between 2004 and 2007.

Stellar HPCL show
Posted on 10th November 2017
 
New Delhi: The net profit of state-owned refiner HPCL zoomed 147 per cent to Rs 1,735 crore in the second quarter of the fiscal because of higher inventory gains and refinery margins. "The increase in profit is due to higher crude throughput, better refinery margin, higher domestic market sales and inventory gains against inventory loss compared with the corresponding period of last year," HPCL chairman and managing director Mukesh K. Surana said.

 
A new report has valued assets of Hindustan Petroleum (HPCL) at Rs 114,000 crore — nearly 70 per cent premium to its current market capitalisation of around Rs 66,000 crore. The higher valuation of HPCL’s assets by JM Financial, if accepted by the government, would mean a higher outgo for ONGC.

The JM Financial report has been submitted to the government, which had mandated the Mumbai firm to advise it on the transaction.


 
New Delhi: Hindustan Petroleum Corp. Ltd (HPCL) is likely to acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) in a share-swap deal to become India’s second-largest oil refiner. The merger is likely to take place after ONGC, country’s biggest oil and gas explorer, completes acquisition of HPCL in an all-cash deal by December or January, officials in know of the development said.

MRPL is a subsidiary of Oil and Natural Gas Corp. Ltd (ONGC). At present, ONGC owns 71.63% stake in MRPL while HPCL has 16.96%. Once ONGC acquires 51.11% stake in HPCL, India’s third-largest refiner, for about Rs35,000 crore, it will have two refinery subsidiaries - HPCL and MRPL.


HPCL to acquire MRPL in share-swap deal
Posted on 31st October 2017
 
Hindustan Petroleum Corp Ltd (HPCL) is likely to acquire Mangalore Refinery and Petrochemicals (MRPL) in a share-swap deal to become India’s second-largest oil refiner. The merger is likely to take place after ONGC, country’s biggest oil and gas explorer, completes acquisition of HPCL in an all-cash deal by December or January, officials in know of the development said. MRPL is a subsidiary of Oil and Natural Gas Corp (ONGC). At present, ONGC owns 71.63 per cent stake in MRPL while HPCL has 16.96 per cent.

 
New Delhi: Fuel retailers Indian Oil Corp. Ltd., Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. are expanding their network of liquified petroleum gas (LPG) dealerships by appointing more than 6000 new distributors, the oil ministry said on Friday.

This will mainly be in rural areas and in addition to the locations for which selection has already been made and the process of commissioning distributorship is underway, the ministry said in a statement.


HPCL’s capacity expansion takes off
Posted on 23rd October 2017
 
Prime Minister Narendra Modi laid foundation stone for Hindustan Petroleum Corporation Ltd’s MDPL Capacity Expansion and PVPL Extension Project in Vadodara on Sunday. The total approved project cost is Rs 1,879 crore out of which Rs 1,769 crore will be invested in Gujarat. The project is slated for completion by June 2020.

This pipeline project of HPCL will facilitate uninterrupted supply of petroleum products to meet growing market demand for petrol, diesel etc in Gujarat, Eastern Maharashtra and other parts of central India. It will provide safe, environment friendly and cost efficient transportation of petroleum products to these areas.


 
Arun Kumar Singh, executive director, retail, BPCL, told FE, that they expect the safety clearance to come in next one month and the online retailing to start by December-end.

Inspired by the online and e-commerce boom in the country, oil marketing companies — Indian Oil, HPCL and BPCL — are planning to start online retailing of diesel to cater to the rural customers and commercial establishments helping them save time and improve their productivity.


 
We upgrade FY18-19ii EPS for OMCs by 10-25% on the back of: 1) firm GRMs; 2) sustained product sales; and 3) strong outlook for marketing margins. OMCs trade inexpensively, offering earnings yield of 10-11% and dividend yield of 3.5-5% on FY18ii, assuming 40% payout (>45% in FY17). We maintain ‘buy’ on all the three OMCs. HPCL is our top pick, given its net long marketing portfolio and lowest embedded value in SoTP.

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