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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.

In past six months, IOCL, BPCL, HPCL has underperformed the market by falling in the range 11% to 13%, against 8% rise in the benchmark index.

Analysts at Nirmal Bang Equities expect the upside earnings for OMCs to be capped due to decline in gross refining margin (GRM) environment, planned capex and the rise in interest cost.

“Given our concerns on the likely decline in GRM, increase in capex over the next five years and the rise in interest costs, we expect the upside in earnings of HPCL to be capped. We believe that with low earnings growth likely and a decline in Return on Equity (RoE) and Returns on Capital Employed (RoCE), the stock will get de-rated,” analysts said in Q3 result update.

“Weak GRM environment, planned capex and interest costs set to increase in the coming quarters will exert pressure on cash flow and lead to increased debt of BPCL. We maintain our concern over cash flow and probable decline in RoE/RoCE with the rise in planned capex,” the brokerage firm said in a note.

IOCL will invest Rs 7 billion to raise its oil refining capacity by about a quarter by 2030 as it takes the lead to meet rising energy needs of the country.

BPCL is looking to ramp up capacity to 56 MTPA, from 36.5 MTPA currently, by adding 5 MT to its Kochi unit and ramping up capacity of Bina refinery in Madhya Pradesh by 9 MT to 15 MTPA.

Also, Numaligarh capacity will go up to 9 MTPA from 3 now. HPCL also plans to expand its Mumbai refinery to 9.5 MTPA from 7.5 MTPA and that of Vizag unit to 15 MTPA from 8.3 now. It is also setting up a new 9 MTPA unit at Barmer in Rajasthan, the PTI report suggested.

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

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Posted on 5th December 2019

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The apex court's observation came when senior advocate Indira Jaising, appearing for a woman devotee, Bindu Ammini, alleged violation of the 2018 verdict and said her client was attacked for her bid to enter the shrine.


Hyundai plans to bring fuel cell cars to India, Nexo could be first launch
Posted on 5th December 2019

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HDFC AMC slips 5% as Standard Life to sell additional stake via OFS
Posted on 5th December 2019

Shares of HDFC Asset Management Company (AMC) dipped 5 per cent to Rs 3,173 in intra-day deals on Thursday, after the company said it will use a greenshoe option for sale of additional 0.86 percent stake via offer for sale (OFS). The stock had ended 3 per cent lower at Rs 3,329 on the BSE a day earlier.

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RBI surprise: Repo rate left unchanged; FY20 GDP forecast lowered to 5%
Posted on 5th December 2019

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The three-day rate-setting meet started on Tuesday (December 3). In its October meet, the RBI had cut interest rate by 25 bps to 5.15 per cent.


Polycab India hits fresh record high; stock zooms 100% from August low
Posted on 5th December 2019

Shares of Polycab India continued their upward journey, and hit a new high of Rs 1,052, up 6 per cent on the BSE on Thursday, on expectation of strong earnings going forward. The company was included in the MSCI Global Small Cap Index with effect from November 26, 2019.

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