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After reporting record profits, state-owned fuel retailers Indian Oil Corporation (IOC), BPCL and HPCL posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year .

HPCL has commissioned 126 new retail outlets, bringing the total outlets to 22,148

BPCL also expects the government to compensate liquefied petroleum gas (LPG) under-recoveries in the coming months

BPCL stock update: The state-owned oil marketing company reported a 30% year-on-year decline in a consolidated net profit of Rs 4,790 crore in Q4FY24.

All you need to know before the market opens on Friday, May 10: Gift Nifty hints at over 100 points gap-up open on the back of rally in global market. BPCL, HPCL in focus.

All you need to know before the market opens on Thursday, May 09: Stock specific action likely to dominate trading sentiment today. Check key levels for the Nifty and Bank Nifty by market experts here

Brent crude rose 23 cents to $86.98 a barrel by 0118 GMT. US crude futures climbed 28 cents to $82.23

State-owned Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) on Monday got new directors for human resources, the two companies said. While K S Shetty took over as Director (Human Resources) of HPCL, Raj Kumar Dubey took over as Director (HR) at BPCL. "Prior to joining as Director (Human Resources) of HPCL, Shetty was Executive Director (Human Resources) with additional charge of Executive Director (Employee Relations) in HPCL," the company said in a statement. Shetty is a Gold Medalist in Human Resource Management from Andhra University and also a distinguished alumnus of the Swedish Institute, Stockholm from where he completed his Diploma in Sustainable Development in 2012. He has also completed his Advanced Management Program from MDI, Gurgaon / ESCP Europe Business School, Paris (2016). "Shetty has over 25 years of experience in HR in various capacities at HPCL," the statement said. "In his current role at HPCL, he is responsible for the .

After two tight quarters of profit-margin shrinkage due to global volatility, Indian OMCs are expected to see reduction in operational losses in the October-December quarter (Q3FY23).

Analysts believe that OMCs would see further decline in GRMs in Q2FY23, as cracks correct on a sequential basis and lower oil prices would drive sizable inventory losses

The plan to offload the Centre's 52.98 percent stake in the oil major could not go forward as there was not sufficient number of bids

The price of commercial LPG used in hotels and restaurants on Thursday was slashed by Rs 91.5 per cylinder on softening international prices, but oil companies have made no changes in rates of domestic cooking gas and rather began imposing limits on refills a user can order in a fortnight. The price of a 19-kg commercial LPG cylinder was cut to Rs 1,885 per cylinder in the national capital from Rs 1,976.50, according to a price notification from state-owned fuel retailers. This is in line with softening international prices. However, rates of LPG used in household kitchens for cooking purposes remained unchanged at Rs 1,053 per 14.2-kg cylinder. This because the rates of domestic cooking gas were way lower than cost and now with a drop in international prices they are at breakeven, industry sources said. Commercial LPG rates on the other hand have largely been aligned with cost and so they have moved in tandem with rise and fall in international rates. And this difference between

The government on Thursday raised the windfall tax on exports of diesel to Rs 7 per litre and reintroduced the tax on jet fuel exports of Rs 2 per litre.

The three fuel retailers kept petrol and diesel prices unchanged for a record 137-days between November 2021 and March 2022 despite a nearly USD 27 per barrel rise in crude oil prices

The two major OMCs were exhibiting a mixed trend on the charts, with HPCL reflecting positivity, while BPCL struggling to hold ground.

This will now be put up for approval by 'Alternative Mechanism' which is essentially a very small grouping of key Cabinet ministers, sources privy to the development said

While BPCL saw net sales at Rs 44,146 crore, a decline of 14 per cent over the year, HPCL's net sales at Rs 48322 crore too were lower than Rs 48,639 crore a year ago