Oil & Gas

The death toll in a fire at the Indian Oil Corporation (IOCL) refinery in Gujarat's Vadodara city has gone up to two, while another injured person was undergoing treatment, police said on Tuesday. The fire that began on Monday afternoon with a blast in a benzene storage tank of the refinery later spread to two other adjoining tanks, Jawahar Nagar police station inspector A B Mori said. The blaze was brought under control after efforts which continued till the wee hours of Tuesday, he said. Two persons -- Dhimant Makwana and Shailesh Makwana -- died in the fire. An IOCL official received injuries and was undergoing treatment at a private hospital, Mori said. The condition of the injured person was stable, he said. The blaze was brought under control after extensive efforts involving several fire tenders brought in from nearby cities and towns, officials said. The blast occurred at the IOCL refinery located in Koyali area on the outskirts of Vadodara which triggered the blaze, an .

The United Arab Emirates opened its annual oil-and-gas summit on Monday with pledges to increase energy output even as global prices have fallen and world politics remain uncertain ahead of the US presidential election. The massive Abu Dhabi International Petroleum Exhibition and Conference comes after the UAE just last year hosted the United Nations COP28 climate talks. Those talks ended with a call by nearly 200 countries to move away from planet-warming fossil fuels the first time the conference made that crucial pledge. But the UAE as a whole still plans to increase its production of oil to 5 million barrels a day in the coming years as it pursues more cleaner energies at home. Meanwhile, UAE officials have made a point to dodge any questions about the US election while maintaining their close ties to Russia despite Moscow's war on Ukraine. Allow me to say that we in the United Arab Emirates will always choose partnership over polarisation, dialogue over division and peace ove

India's biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH). The OALP-IX bid round, where 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas, for the first time saw Reliance Industries Ltd-bp plc combine bidding together with ONGC for one block in Gujarat offshore. Reliance and its supermajor partner bp plc had bid in just two of the past eight oil and gas bid rounds since 2017. Reliance-bp combine had bid and won the two blocks they had bid for in the previous rounds and this is the first time they have teamed up with ONGC to bid for a shallow water block in the Gujarat-Saurashtra basin. In the previous eighth round of Open Acreage Licensing Policy (OALP-VIII), state-owned Oil and Natural Gas Corporation (ONGC) had not bid for the ultra deepsea Krishna Godavari

Disconnect between earnings growth and stock prices, Bernstein said, is even more visible in the small-and mid-cap (SMID) universe

White collar hiring has begun improving steadily on the back of major sectors like Oil and Gas, Banking and FMCG, a report said on Wednesday. Hiring activity grew by 6 per cent in May compared to April driven by sectors like Healthcare and the Travel and Hospitality, according to the report.. White collar hiring, however, was down by 2 per cent compared to the same month last year.. Most sectors reported mid-single-digit growths, however, decline in hiring in IT (0 per cent YoY), BPO (3 per cent) and Education (5 per cent) dragged down the overall Naukri JobSpeak Index, it stated. Major sectors such as Oil and Gas (14 per cent), Banking (12 per cent) and FMCG (17 per cent) notched up healthy growth, while Healthcare and Travel and Hospitality, each showcased a robust 8 per cent growth, said the report. Smaller cities continued to outperform major metropolitan areas, and there was notable demand for senior professionals, contributing to a healthy year-on-year growth in opportunitie

The Oil India board has recommended an issue of bonus shares in a 1:2 ratio, subject to the approval of shareholders

Kalpataru Projects International on Wednesday posted about 21 per cent rise in its consolidated net profit to Rs 169 crore for the March quarter, mainly on the back of higher revenues. Its consolidated profit was Rs 140 crore in the year-ago quarter, a BSE filing showed. The total income of the company rose to Rs 5,991 crore in the fourth quarter from Rs 4,896 crore a year ago. For the fiscal 2023-24, its consolidated net profit rose to Rs 516 crore from Rs 435 crore in the year-ago period. In FY24, its total income increased to Rs 19,690 crore from Rs 16,401 crore in 2022-23. The company's board also recommended a final dividend of Rs 8 per equity share of the face value of Rs 2 each (ie 400 per cent) for the financial year ended March 2024, subject to approval by shareholders at the ensuing annual general meeting (AGM). The company will inform, in due course, the date on which it will hold the AGM for the year ended March 2024 and the date from which the dividend will be paid.

Higher crude and gas prices would be negative for the margins of oil marketing companies such as HPCL, BPCL and IOC

Swan Energy on Thursday said it has raised Rs 3,000 crore from qualified institutional placement of shares which were priced at Rs 670 apiece. The issue got interest from qualified institutional investors including Quant Mutual Fund, SBI Life, LIC, LIC Mutual Fund, Tata Mutual Fund, Infini Mutual Funds, SBI General Insurance, BNP Paribas Mutual Fund, Nomura, Goldman Sachs, Future Generali, Anand Rathi, and other domestic and foreign institutions and family offices, the company said. The fund will be deployed to modernise the recently acquired Reliance Naval and Engineering's shipyard at Pipavav. Additionally, a portion of the fund will be allocated for project expansion and debt reduction. Paresh Merchant, an executive director of Swan said taking management control of Reliance Naval -- the largest defence shipyard in the country -- aligns with their vision to emerge as a leading private player in the manufacture of defence, commercial, and oil and gas vessels. The company aims to

The PSU has delivered steady results in the October- December quarter (Q3) of FY24 and it is looking at ramping up production in both oil and gas

Despite a lack of good quality rigs in the market, Cairn has enough options, he says

The S&P BSE Oil & Gas index has been an outperformer, surging nearly 20 per cent in CY24 as compared to the S&P BSE Sensex that has lost around 1 per cent during this period, shows data

In Q2, HPCL logged a consolidated net of Rs 5,827 crore, compared to a loss of Rs 2,476 crore in year ago quarter. Revenue, however, dipped 9.7 per cent YoY to Rs 1.02 lakh crore.

Ravi Nathani, an independent technical analyst, recommends initiating short positions on rise on the Nifty metal index with a stop at 6,550.

The government on Thursday hiked the price of domestic natural gas to $8.6 per metric million British thermal units (MMBtu)

The board recommended a final dividend of Rs 16 per equity share having face value of Rs 10 each (i.e. 160 per cent) for FY23.

According to the technical analyst, he remains bullish on Nifty Pharma, and Nifty Oil & Gas indices

Financial services, IT, capital goods among favoured sectors, with FPIs buying stocks worth over Rs 5,600 cr in these spaces

Facility will serve firm's clients across telecom, oil & gas, BFSI, Energy & Utilities and public sector; company to hire 1,000 staff to serve global and local customers from centre

CLOSING BELL: Global cues triggered by Powell's positive remarks boosted sentiment. The Sensex scaled a new high at 63,583, while the Nifty 50 came within striking distance of 18,900 on Thursday.