Losses of state-run OMCs to ease amid lower crude oil prices: Moody's
India's windfall tax on exports of locally-produced oil has helped reduce the state-owned refining and marketing companies' marketing losses, says Moody's.
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Q3 results: Oil and gas cos to see strong sequential growth in Dec quarter
OMCs such as IOCL, BPCL, and HPCL are likely to swing back to the black, thanks to sharp narrowing of marketing losses on retail fuels and steady GRMs.
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The board of HPCL has given the approval to raise up to ₹10,000 cr via debt market to fund its oil refining and fuel marketing operations.
Petrol prices rose 19%, diesel by 26.5% in 2 yrs: Govt
State-run oil marketing companies have booked a combined loss of ₹27,276 crore in the first six months of the ongoing financial year, says Union minister Hardeep Puri.
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HPCL posted a back-to-back quarterly loss amid continued decline in margins due to a freeze on retail prices of petrol and diesel.
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Shares of ONGC, HPCL, and IOC rose up to 1%, while Adani Total Gas, Reliance Industries, and BPCL fell up to 1% on the BSE.
Will falling crude prices, improving marketing margins boost OMC stocks?
The recent fall in international crude and product prices has helped state-owned OMCs to narrow their marketing losses.
HPCL, BPCL, IOC shares fall up to 6%; here's why
HPCL, BPCL, IOC reported a combined loss of ₹18,480 crore in the June quarter due to a decline in the margin on petrol, diesel, and domestic LPG in the backdrop of rise in international crude prices
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Adani Total Gas declined 4%, followed by Reliance Industries, HPCL, GAIL, and IGL, which dropped up to 2%
Sharp drop in crude oil prices poses upside risks for OMCs: Report
ICICI Securities has downgraded state-owned oil retailer HPCL to “REDUCE” from “ADD”, BPCL to “ADD” (from “BUY”), while it retained “BUY” call on IOCL.
