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Aban Offshore, Oil India up over 3%; HPCL, BPCL, IOC down over 5%
Posted on 11th April 2018
Shares of oil exploration, equipment and services companies were trading higher on the bourses by up to 7% on Wednesday in otherwise subdued market after on higher crude oil prices.

Oil and Natural Gas Corporation (ONGC), Oil India, Aban Offshore, Jindal Drilling & Industries, Hindustan Oil Exploration and Deep Industries were up in the range of 3% to 7% on the BSE. On comparison, the S&P BSE Sensex was down 0.30% at 33,780 points at 10:07 AM.

Oil prices rose more than $2, or over 3%, on Tuesday as investors grew more confident that a brewing trade dispute between the United States and China may be resolved without harming the global economy, the Reuters report suggested.

Higher crude prices will result in higher realisation for these oil exploration companies and result in increased profitability for oil exploration companies.

Meanwhile, oil marketing companies (OMCs) such as Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation were down between 5% and 7% on concerns over marketing margins and rising oil prices.

According to TV channel reports, the government is said to ask OMCs to absorb Rs 1 liter price hike.

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

Other Latest News
RIL net debt to dip with rights issue, Jio stake sale: Morgan Stanley
Posted on 3rd July 2020
Asset monetisation in Jio Platforms along with the $7 billion rights issue should reduce Reliance Industries Limited's (RIL) net debt by more than half, according to a report by Morgan Stanley.

It said that multiple catalysts are in play with faster than expected deleveraging, improving demand and margin outlook on refining and chemicals, top quartile earnings CAGR of 23 per cent over F20-23, and digitisation, supporting multiples.

India-China faceoff: PM Modi, CDS General Bipin Rawat reach Leh to take stock of situation
Posted on 3rd July 2020
Amid the ongoing faceoff between India and China along the Line of Actual Control (LAC), Prime Minister Narendra Modi on Friday made a surprise visit to Ladakh to take stock of the situation.

He was accompanied by Chief of Defence Staff (CDS) General Bipin Rawat and Army Chief General Manoj Mukund Naravane.

UP Police eliminates two criminals involved in killing of eight cops in Kanpur
Posted on 3rd July 2020
The Uttar Pradesh Police on Friday eliminated two criminals who were allegedly involved in the killing of eight police personnel in Kanpur, Inspector General, Kanpur informed.

During a combing operation following last night's encounter, two police personnel were injured and two criminals have been neutralised, Mohit Agarwal, IG Kanpur told mediapersons.

Intel Capital invests Rs 1,894 crore for a 0.39% stake in Jio Platforms
Posted on 3rd July 2020
Intel Capital will invest Rs 1,894.50 crore in Reliance Industries' Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion for a 0.39 per cent stake, said the two companies on Friday.

This will be the twelfth international deal for Reliance's digital arm in less than three months, taking the total investment amount to Rs 117,588.45 crore.

JSW group will bring down China imports to zero in 2 years: Parth Jindal
Posted on 3rd July 2020
As the clamour to boycott Chinese products grows amid a stand-off between the Indian and Chinese armies in eastern Ladakh, several companies have indicated they would cut imports from the neighbouring country and support the government’s self-reliance theme.

Parth Jindal, managing director of JSW Cement, said on Thursday that the JSW group, promoted by his family, would be bringing down its imports from China to zero within two years.

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