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Fitch sees IOC’s net debt levels rising due to large capex
Posted on 16th July 2018
New Delhi:Fitch Ratings on Monday said it expects state-owned Indian Oil Corp’s (IOC’s) net debt levels to increase due to its large capital expenditure and investment plans in the medium term and affirmed a rating equivalent to India’s sovereign rating.

The ‘BBB-’ rating with stable outlook “equalises the India-based company’s rating with that of its largest shareholder, the State of India (BBB-/Stable), based on Fitch’s Government-Related Entities (GRE) Rating Criteria,” the rating agency said in a statement.


Adani, IOC, HPCL, BPCL in fray for city gas licence; govt gets 400 bids
Posted on 11th July 2018
Around 400 bids have come for 86 geographical areas on offer under the ongoing round, the ninth one, for city gas licensing.

Tuesday was the final date for these. The technical bids would be opened between Thursday and the week after.


Indian oil companies to gain from higher Opec output
Posted on 23rd June 2018
In a step that is beneficial to India, the Organization of Petroleum Exporting Countries (Opec) decided to raise its output at a meeting held in Vienna on Friday.

Though the producer group did not specify the increase, it may be in the range of 1 million barrels per day (bpd), or 1 per cent of the global supply.


Indian Oil to set up Rs 9 bn ethanol plant in Adityanath's pocket borough
Posted on 20th June 2018
Public sector behemoth Indian Oil is looking to invest almost Rs 9 billion in a greenfield second-generation ethanol plant in Uttar Pradesh.

The plant has been proposed in Gorakhpur, the pocket borough of chief minister Yogi Adityanath, who is keenly following up on the project.


HPCL, BPCL, IOCL gain on fall in global oil prices
Posted on 18th June 2018
Shares of oil marketing companies (OMCs) like Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) were trading higher by up to 6% in otherwise subdued market after Brent crude prices fell in the international market.

At 11:39 am; HPCL (up 6% at Rs 323), IOCL (5% at Rs 176) and BPCL (3% at Rs 424) were up in the range of 3% to 6% on the BSE, as compared to 0.07% decline in the S&P BSE Sensex.


Rae quits IOC board
Posted on 6th June 2018
New Delhi: Former oil secretary Vivek Rae has resigned as independent director from the board of Indian Oil (IOC) owing to differences with the company management.

In a regulatory filing, IOC said, "Vivek Rae, independent director, has ceased to be a director on the board of IOC with effect from June 4, 2018, consequent upon his resignation on June 3, 2018."


Indian Oil cuts petrol, diesel prices by 9 p/litre
Posted on 2nd June 2018
New Delhi: State-run Indian Oil Corporation (IOC) on Saturday reduced diesel and petrol prices by 9 paise per litre after automobile fuel prices reached a record high on Tuesday.

Saturday marked the fourth day of meagre price reduction after prices were raised daily since 14 May following a hold during the Karnataka assembly election campaign.


IOC MOST PROFITABLE PSU FOR 2ND YEAR IN A ROW; DISPLACES ONGC
Posted on 1st June 2018
Fuel retailer IOC has for the second year in a row beaten ONGC to become India's most profitable State-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates.

Indian Oil Corporation, which has for decades been India's biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal.


Markets extend gains as oil prices cool off; Indian Oil, HPCL stocks jump
Posted on 29th May 2018
The stock markets extended gains on Monday as investor sentiment improved following a 6 per cent slump in global oil prices.

Gaining for the third day, the Sensex ended at 35,165.5, up 241 points, or 0.7 per cent. The Nifty rose 83.5 points, or 0.8 per cent, to 10.688.7. Both the indices have rebounded 2.5 per cent in the last three trading sessions. In the preceding week, they had dropped 3.4 per cent each amid a sharp uptick in oil prices and drop in the rupee’s value against the dollar.


Indian Oil Q4 profit rises 40% to Rs5,218 crore
Posted on 22nd May 2018
New Delhi: Indian Oil Corp. Ltd (IOC) on Tuesday reported a 40% jump in the March 2018 quarter net profit to Rs5,218 crore, compared to a profit Rs3,720.62 crore in the year ago quarter.

IOC’s turnover rose to Rs1.36 trillion in the fourth quarter of 2018 from Rs1.24 trillion in the year-ago period.


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