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IOC, BPCL, HPCL stock dives as government may ask PSUs to bear further increase in oil price
Posted on 13th September 2017
Shares of the IOC, BPCL, and HPCL tumbled on the news that government may ask the oil marketing companies to absorb further increase in global crude oil prices. The stock of the nation’s largest company Indian Oil Corporation fell as much as 6.2% to the day’s low of Rs 408; shares of another state-run refiner Bharat Petroleum Corporation plunged 8.4% to the day’s low of Rs 489. Shares of Hindustan Petroleum Corporation lost 8% to the day’s low of Rs 443.7.

As the petrol and diesel prices have hit three-year highs in some cities, the government seems to have swung into action to protect the consumers from the rising fuel bills, possibly bringing back the ghosts of the era of regulation.

Not only is the government assessing the trajectory of oil prices, it may ask the oil marketing companies to absorb further increase in global crude oil prices, news channels ET Now and CNBC TV18 reported on Wednesday citing unidentified government sources. The government is unlikely to pass further rise in fuel prices due to higher inflation, the reports added.

The possible government intervention to keep the retail fuel prices in check comes after the news reports highlighted that the petrol and diesel prices have risen to the levels last seen three years ago in metro cities of Mumbai, Kolkata and Chennai, only, without the people noticing it much this time.

The petrol in Mumbai has risen to Rs 79.48 per litre, a level last seen in August 2014 in the country’s financial capital. Similarly, the price of diesel is at a three-year high in the metro cities of Kolkata and Chennai at Rs 61.37 and 61.84 per litre respectively. Retail fuel prices are on a steady up move, rising in small doses almost every day since the introduction of the dynamic fuel price revision mechanism nationwide in June this year.

Related Companies: Indian Oil Corporation   Bharat Petroleum   Hindustan Petroleum Corporation Ltd.(HPCL)   

Other Latest News
Bhel picks areas to diversify
Posted on 23rd September 2017
 
Calcutta, Sept. 22: Bharat Heavy Electricals Ltd (Bhel) is looking to diversify into areas such as solar power, transportation, defence, aerospace and water business.

"The company wants to increase its share of business in non-coal areas," said Bhel chairman and managing director Atul Sobti at the company's annual general meeting.


 
New Delhi: Regulator Sebi has lifted trading ban on 244 entities which came under the scanner for alleged misuse of stock market platform for tax evasion, saying it did not find any "adverse evidence" against them.

The move comes after Securities and Exchange Board of India (Sebi) earlier this month revoked ban on more than 500 entities in four separate cases. These are Radford Global case; Pine Animation; First Financial as well as the matter of dealing in shares of Eco Friendly Food Processing Park, Esteem Bio Organic Food Processing, Channel Nine Entertainment and HPC Biosciences.


 
New Delhi:The government has come out with an estimate that valid transitional credit claims of taxpayers in July -- the first month of goods and services tax (GST) -- are just Rs12,000 crore and not Rs65,000 crore as previously claimed.

As much as Rs65,000 crore out of the about Rs95,000 crore tax collections in July had been claimed as transitional credit by taxpayers, but a close scrutiny has brought down the valid claims to Rs12,000 crore, a finance ministry official said.


 
New Delhi: The Reserve Bank of India (RBI) on Friday changed the rules pertaining to the calculation of the foreign investment limit in so-called masala bonds, potentially opening up space for Indian companies to sell more such securities.

Starting 3 October, masala bonds, or rupee-denominated bonds sold overseas, will not be part of the investment limit for foreign portfolio investors (FPIs) in corporate bonds and will instead be included under external commercial borrowings (ECB), the RBI notification stated.


 
Mumbai: Indian benchmark indices posted their biggest daily percentage decline in 10 months on Friday, as a North Korean threat to carry out a hydrogen bomb test in the Pacific Ocean rattled global markets.

The Indian government’s stimulus spending plan and jitters that it would widen the fiscal deficit also contributed to the decline, which was led by bank stocks.


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