The Prime Minister Narendra Modi-headed Union Cabinet on Wednesday is likely to take up a proposal that would overhaul the crude procurement process for government-owned refiners- IOC, BPCL, HPCL and MRPL. The move is aimed to make the refiners more competitive like their private peers such as RIL and Essar Oil and take benefits of spontaneous buying of cargoes.

Sources told FE that the petroleum ministry has sent the final proposal for clearance from the Union Cabinet, which is likely to decide on it on Wednesday.

Shares of oil marketing companies such as Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) gained on Tuesday after Credit Suisse maintained its “outperform” rating on fuel retailers, citing refining margins to remain strong for oil retailers as demand-supply tightens.

BPCL, IOC and HPCL closed 0.97 per cent, 2.10 per cent and 2.53 per cent higher at Rs 810.60, Rs 392.95 and Rs 740.40, respectively.

NEW DELHI: In a few months, colourful, lighter and easier-to-handle cooking gas cylinders will make their way into Indian kitchens, long used to heavy and potentially hazardous steel containers. Most importantly, the new composite cylinders, made of fibre, will be safer because they do not explode even when engulfed in fire, potentially saving thousands of lives, who fall victim to kitchen accidents every year.

Shares of state-owned oil marketing companies (OMCs) – Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – have rallied by up to 10% on the BSE in early morning trade after these companies reported a strong set of numbers for the quarter ended December 31, 2015 (Q3FY16).

All these companies posted a combined net profit of Rs 5,588 crore in Q3FY16 against net loss of Rs 2,411 crore in the same quarter last fiscal. It had reported an aggregate net profit of Rs 368 crore in September 2015 quarter.

After three years, sale of branded petrol and diesel is getting back to normalcy for the three government-owned oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPC) and Hindustan Petroleum Corporation (HPC).

The government OMCs say the price differential between branded and non-branded fuel has come down, though the sales in branded petrol are better than for branded diesel. Branded fuels are regular fuels with additives supposed to enhance a vehicle's performance.

Shares of domestic oil marketing companies surged over 3 per cent on Wednesday on account of lower-than-expected cut in petrol and diesel prices.

At 10.14 am, shares of Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) were trading 2.55 per cent, 3.21 per cent and 2.82 per cent up at Rs 911, Rs 431 and Rs 833.45, respectively.

HPCL, IOC and Adani Ports and Special Economic Zone (APSEZ) will benefit the most from the rupee’s depreciation as their dollar earnings are sufficient to more than offset the negatives of higher debt and capex in dollar terms, says a Fitch Ratings’ report.

However, Power Grid Corporation of India, NTPC, Bharti Airtel and Lodha Developers Pvt Ltd tick all three negative boxes of minimal earnings in dollars, dollar-denominated debt and dollar-denominated capex, Fitch said.

Shares of refinery companies are under pressure with the S&P BSE Oil & Gas index falling nearly 4% in late noon trades.

Hindustan Petroleum Corporation Limited (HPCL), Oil & Natural Gas Corporation (ONGC) and Cairn India have plunged more than 5% each, while Indian Oil Corporation (IOC), Reliance Industries and Bharat Petroleum Corporation (BPCL) down 3%-4% on the BSE.

Mumbai: Hindustan Petroleum Corp, India’s third-largest state-owned refiner, plans to spend as much as $300 million for a stake in an active oil and gas field through a unit, a company official said.

The unit, Prize Petroleum Co., which focuses on the upstream oil business, is considering a minority stake in Russian or Nigerian assets, said the official, who asked not to be identified because the information is confidential.

State-run Hindustan Petroleum Corporation Limited has registered its best ever performance since its formation in 1974 with profit of Rs 2733 crore for the financial year 2014-15.

The new profit also beats by a mile the company’s decade-high profit of Rs 1,734 crore last fiscal, said chairman and managing director Nishi Vasudeva. During FY2014-15, HPCL registered gross sales of Rs 2,17,061 crore, while earnings per share rose to Rs 80.72 and market capitalisation increased by Rs 11,500 crore.

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