After very strong 4QFY15 and 1QFY16, we expected 2Q to be a difficult quarter for the oil marketing companies (OMCs). Due to a sharp fall in oil prices and INR depreciation, OMCs were likely to report high inventory/forex losses. While we estimated Indian Oil Corporation (IOC) to be barely in profits, its reported loss due to high inventory/forex loss does not surprise us much.

Despite the 2Q loss, we see low risk to our full year EPS of R47/share (reported 1H EPS of 25/share is 53% of our full year EPS). We see upside to Bloomberg consensus EPS of R44/share.

Indian Oil Corporation (IOC), the nation’s largest fuel retailer, is busy executing a dozen-odd projects at an investment of around Rs 12,000 crore to expand its network of crude oil and products pipeline by 54 per cent to 17,000 km by 2019. This is part of a larger expansion plan involving Rs 1.75 lakh crore that is in the works.

“When commissioned, the projects would increase our transportation network from the existing 11,200 km by an additional 6,000 km by the end of FY19. The projects are primarily meant at transportation of large volumes, while the last-mile connectivity to depots would be ensured through roads,” Anish Aggarwal, director (pipelines), IOC, told Business Standard.

State-run Indian Oil will more than treble its capex to Rs 1.75 trillion over the next seven years against what it spent in the past five years, with a view to expand refining output by 54 per cent to around 100 mt tonnes, investing Rs 50,000 crore in brownfield expansion alone.

For the current Plan period (12th Plan ending 2017), nation’s largest refiner Indian Oil Corporation (IOC) has set aside Rs 56,200 crore in capex, most of which went into the 15 million tonnes (mt) Rs 34,500-crore greenfield refinery in Paradeep that will go onstream from late next month or early November, chairman B Ashok said here today.

MUMBAI (Reuters) - State-owned Life Insurance Corporation of India, the country's largest investor, bought just under 86 percent of shares sold by the government earlier this week in state-run refiner and fuel retailer Indian Oil Corp, a regulatory filing showed.

New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run firms this year. While LIC is a frequent back up for government sales, the sum it bought on Monday, amid a stock market rout, is likely to raise questions over the future of the sell-off programme.

Indian Oil Corp on Monday said all units at its 274,000 barrels per day (bpd) Koyali refinery in western Gujarat are running normally except the 44,000 bpd crude distillation unit (CDU), where a minor fire occurred during a planned maintenance shutdown.

"There has been no fatality; however there are five cases of injuries to employees of Gujarat Refinery," the company said in a statement issued on Sunday.

Mumbai: The government has set a floor price for the sale of shares in top state-run refiner Indian Oil Corp Ltd at Rs387 each, the company said, a 2% discount from Friday’s close.

At the floor price, the 10% stake sale in the company will bring in Rs9,396 crore ($1.4 billion) for the government.

IndianOil Corporation (IOC), the nation’s largest fuel retailer, is set to exceed its capital expenditure target of Rs 56,200 crore for the 12th Five-Year Plan. The company has already spent Rs 40,353 crore to ramp up capacity. With both petrol and diesel prices freed and the implementation of cash transfers to curb the cooking gas subsidy, IOC has a capital expenditure target of Rs 10,540 crore for 2015-16. “We have two years to go for the plan to be over. We will probably exceed the 12th Plan target,” Chairman and Managing Director B Ashok told Business Standard.

NEW DELHI: Indian Oil Corp (IOC), the country's biggest refiner, is expanding its natural gas business as India, the world's third-largest carbon emitter, aims to cut its dependence on coal and oil

Thirteen of the world's 20 dirtiest cities are in India, with New Delhi taking top spot, a report by the WHO said last year.

The Cabinet Committee on Economic Affairs (CCEA), led by Prime Minister Narendra Modi, on Wednesday approved the disinvestment department’s plan to sell stakes in Indian Oil and NTPC as part of the Centre’s Rs 41,000-crore divestment target for public sector undertakings. At current share prices, a planned 10 per cent stake sale in oil marketing company Indian Oil could fetch Rs 8,120 crore, while a five per cent stake sale in power producer NTPC could get the exchequer Rs 5,689 crore.

The Centre had last divested part of its stake in Indian Oil in March last year and in NTPC in February 2013.

State-owned Indian Oil and GAIL (India) Ltd have inked a pact with Adani Enterprises firm Dhamra LNG Terminal to reserve regasification capacity at Dharma Terminal for supplying gas in the east.

As per the agreement, Indian Oil and GAIL would also have the option to hold equity in DLTPL at a later date.

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