Don’t miss the latest developments in business and finance.

HPCL may gain after good Q1 result

Image
Capital Market
Last Updated : Aug 23 2016 | 1:01 PM IST

Hindustan Petroleum Corporation (HPCL)'s net profit rose 30% to Rs 2098.38 crore on 5.67% decline in total income to Rs 51936.30 crore in Q1 June 2016 over Q1 June 2015. Average gross refining margin in Q1 June 2016 was $6.83 per barrel as against $8.56 per barrel in Q1 June 2015. The result was announced after market hours yesterday, 22 August 2016.

Based on the approval received from Government of India, HPCL accounted for budgetary support amounting to Rs 328.41 crore in Q1 June 2016 towards under recovery on sale of PDS kerosene (SKO), compared with Rs 450.61 crore in Q1 June 2015. State-run oil marketing companies bear under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In Q1 June 2016, discount from upstream oil company viz., ONGC amounted to Nil in respect of crude oil purchased from ONGC, compared with Rs 218.25 crore accounted in Q1 June 2015.

GAIL (India) and Silicon Valley-based Bloom Energy signed a memorandum of understanding (MoU) to deploy revolutionary natural gas-based fuel cell technology to generate electricity. The announcement was made after market hours yesterday, 22 August 2016.

The solid oxide fuel cell (SOFC) technology of Bloom Energy Servers convert fuel into electricity using natural gas as the base fuel to generate reliable and resilient electricity in a highly efficient non-combustible process that reduces emissions of greenhouse gas and harmful air pollutants, with minimal use of water vis-vis the conventional power producing technologies. The Bloom Energy Servers could be installed onsite at any operating premises or building and can be plugged into natural gas pipeline to generate uninterrupted, efficient, noise-less base load power round-the-clock.

GAIL's subsidiary at Bengaluru is already supplying natural gas for energizing a multi-MW Bloom Energy project for a large global technology company at the Technology Park in Bangalore.

More From This Section

The unique tie-up seeks to leverage the strengths of both the organizations. Whilst GAIL brings a portfolio of natural gas to ensure reliable and competitively available Natural Gas for Bloom Energy projects along its integrated gas supply networks, Bloom Energy's power systems run on advanced solid oxide fuel cell technology that are not just acknowledged as the most efficient producers of electricity based on Natural Gas but also combines the advantage of requiring a tenth of the space required for generating equivalent power through other modes. The MoU provides an alignment of a shared vision between GAIL and Bloom Energy and opens up an opportunity for Indian consumers to experience bundled and reliable service by the two leading brands for expanding the distributed power generation systems in India.

Aurobindo Pharma and Tata Power Company are scheduled to announce Q1 June 2016 earnings today, 23 August 2016.

Shriram Transport Finance Company announced that the allotment committee - non-convertible debentures (NCDs) allotted 250 secured redeemable NCDs of face value of Rs 10 lakh each, aggregating to Rs 25 crore on private placement basis. The zero coupon NCDs mature 1065 from the date of allotment. The announcement was made after market hours yesterday, 22 August 2016.

MEP Infrastructure Developers said that the company has received the Letter of Acceptance (LOA) dated 22 August 2016 from National Highways Authority of India (NHAI) informing that the company has been engaged as the contractor for the project of collection of user fee through fee collection agency on the basis of competitive bidding through (e-tender) for Ghangari of National Highway No. 2 in Jharkhand.

Indo Count Industries said that a meeting of the board of directors of the company is scheduled to be held today 23 August 2016, to consider sub-division of equity shares. The announcement was made after market hours yesterday, 22 August 2016.

Powered by Capital Market - Live News

Also Read

First Published: Aug 23 2016 | 8:36 AM IST

Next Story