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Aban Offshore, Oil India up over 3%; HPCL, BPCL, IOC down over 5%
Posted on 11th April 2018
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.


HPCL, GSPC deals to hit oil PSU dividends in FY18 by at least 17%
Posted on 16th March 2018
India’s largest hydrocarbon producer, Oil and Natural Gas Corporation (ONGC), has told the government it will not raise the dividend payout for 2017-18.

The reason is that it had to go for two major deals, both on government order. Of acquiring a majority stake in Hindustan Petroleum Corporation (HPCL) and Gujarat State Petroleum Corporation’s (GSPC’s) KG basin gas block.


ONGC plan to fund HPCL buy
Posted on 10th March 2018
New Delhi: ONGC Ltd is in talks with Saudi Aramco and Kuwait's Petrochemical Industries Company to sell its 26 per cent stake in ONGC-Petro Additions Ltd (OPaL) to repay the bank loan it has taken to fund the acquisition of refiner HPCL.

The state-owned explorer had been keen to induct a strategic partner in OPaL.


‘Buy’ on ONGC, Oil India; prefer IOCL to BPCL/HPCL
Posted on 9th March 2018
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.

Oil marketing companies trade weak; Indian Oil hits 52-week low
Posted on 21st February 2018
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.


ONGC buys govt's entire 51.11% stake in HPCL for Rs 369 billion
Posted on 1st February 2018
State-owned Oil and Natural Gas Corp (ONGC) on Wednesday said it has bought government's entire 51.11 per cent stake in oil refiner HPCL for Rs 369 billion.

In a regulatory filing, ONGC said it bought 778.8 million shares in Hindustan Petroleum Corp Ltd (HPCL) for Rs 473.97 per share.


ONGC ties up with banks to part-fund HPCL acquisition
Posted on 24th January 2018
Oil and gas explorer ONGC has entered into short-term loan agreements with three banks to part-fund its acquisition of HPCL. Accordingly, the company has entered into agreements with PNB, Axis Bank and Bank of India on January 22 for loans totalling to Rs 18,060 crore. As per a BSE filing made on late Tuesday evening, the agreements are for short-term loans to part-finance the acquisition of HPCL.

HPCL may acquire Mangalore Refinery and Petrochemicals in share-swap deal
Posted on 22nd January 2018
HPCL may acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) in a cash and share- swap deal to become India's third-largest oil refiner, a top official said.

Oil and Natural Gas Corp (ONGC), India's biggest oil and gas producer, last week announced acquisition of HPCL for Rs 369.15 billion. After this takeover, ONGC has two refining subsidiaries - HPCL and MRPL.


ONGC surges 6% on acquisition of 51.11% stake in HPCL
Posted on 22nd January 2018
Oil and Natural Gas Corporation (ONGC) has surged 6% to Rs 206 on BSE in early morning trade after the state-owned oil exploration company announced that it will acquire the 51.1% government stake in Hindustan Petroleum Corporation (HPCL) at a cost of Rs 369.15 billion.

ONGC will acquire the government stake in HPCL by paying Rs 473.97 per share which works out to a 14% premium to HPCL’s closing market price of Rs 417 on Friday, 19 January.


FinMin banks on HPCL-ONGC deal to mop up over Rs 90,000 crore in disinvestment, narrow fiscal deficit
Posted on 18th January 2018
Riding on the back of expected HPCL-ONGC deal, the government is eyeing to end FY18 with record disinvestment receipts of over Rs 90,000 crore as against the Budget target of Rs 72,500 crore, media sources reported. It is almost the double of over Rs 46,000 crore recorded last year. However, the exact amount to be raised after stake sale in HPCL is still uncertain. The deal, if finalized by March this year, should raise over Rs 30,000 for the government.The fiscal deficit reached Rs 6.12 trillion or 112% of the full-year budget during eight months to November.

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