Indian Oil Corp

Jefferies upgrades Indian Oil to 'Buy', lifts target to Rs 185; share up 2%

The uptick in the Indian Oil share came after Jefferies upgraded the company to 'Buy'. The brokerage also raised the target price to Rs 185 per share, according to reports

IOCL reports Q2 net loss of Rs 169 crore as refining, marketing margins dip

Higher expenses, lower sales pulled down revenue to Rs 1.98 trillion

IOC Q2 results: PAT falls 98% to Rs 180 cr on fall in refining, fuel margin

State-owned Indian Oil Corporation Ltd (IOC) on Monday reported a massive 98.6 per cent drop in net profit in the September quarter, as refinery margins fell and marketing margins shrunk. The company posted a standalone net profit of Rs 180.01 crore in the July-September period -- the second quarter of the current 2024-25 fiscal year -- compared with a profit of Rs 12,967.32 crore a year back, according to a stock exchange filing by the company. The profit also declined sequentially, when compared to an earning of Rs 2,643.18 crore in the April-June period. While refinery margins fell, the company also booked under-recoveries on selling domestic cooking gas LPG at government-controlled cost, which was lower than the cost. For the six months ended September 30, IOC had an under-recovery on LPG of Rs 8,870.11 crore, the filing showed. It earned USD 4.08 on turning crude oil into fuels like petrol and diesel as compared to gross refining margin of USD 13.12 per barrel last year. Pre

SM Vaidya steps down as Indian Oil Corp's chairman as tenure ends

S M Vaidya on Saturday stepped down as chairman of Indian Oil Corporation (IOC) at the conclusion of his tenure. "A chemical engineer with over 37 years of experience, Vaidya has been a pivotal force in steering IndianOil to unprecedented heights," the company said in a statement. Since taking over the reins in July 2020, Vaidya led IOC through a period of extraordinary growth. Under his leadership, the company's net profit surged from Rs 1,313 crore in FY20 to an all-time high of Rs 39,619 crore in FY24. Revenue from operations also saw a significant growth, rising by 53 per cent from Rs 5,66,354 crore to Rs 8,66,345 crore during the same period. Additionally, IOC's market capitalisation tripled, reaching its highest levels ever in February 2024. His tenure was marked by his commitment to innovation, sustainability, and operational excellence. He championed the development of specialised fuels such as 'STORM' & 'STORM-X', the ultimate racing fuels; India's first 100-octane fuel,

Govt receives Rs 5,091 cr from Indian oil corp as dividend tranche

The government has received about Rs 5,091 crore from Indian Oil Corp as dividend, the Department of Investment and Public Asset Management (DIPAM) said on Thursday. The "Government has received about Rs 5,091 crore from Indian Oil Corporation Ltd (IOCL) as dividend tranche," DIPAM Secretary Tuhin Kanta Pandey said in a post on X. During the current financial year 2024-25, so far Rs 10,604.74 crore has been obtained through dividend from the CPSEs. This include Rs 40 crore from Electronics Corporation of India Ltd (ECIL), Rs 554 crore from Power Finance Corp, and Rs 3,443 crore from Telecommunications Consultants India Ltd (TCIL) as special dividend. In the current fiscal, the government has budgeted to collect Rs 56,260 crore as dividend from public sector enterprises, up from Rs 50,000 crore in 2023-24 fiscal. Separately, country's largest insurer Life Insurance Corporation (LIC) has paid a dividend of Rs 3,662.17 crore for FY2023-24. "Smt @nsitharaman receives a dividend chequ

GAIL head Sandeep Gupta in the race for Indian Oil Corp's new chairman

Nearly a dozen candidates on Sunday appeared for interview before a search-cum-selection panel that is looking to appoint the new chairman of Indian Oil Corporation (IOC), the nation's largest oil firm, sources said. While 10 out of the nearly 60 candidates who applied were called for interviews, GAIL chairman and managing director Sandeep Gupta is being considered a wildcard. Gupta had not applied but was called for the interview, three sources aware of the matter said. "They had invited 10 of the candidates who had applied. Gupta was the 11th person to be interviewed," one of them said. Gupta, 58, was director (finance) in IOC before he was appointed the CMD of gas utility GAIL in October 2022. Those interviewed on Sunday included two directors on IOC board - Satish Kumar Vaduguri (Director-Marketing) and Arvind Kumar (Director-Refineries). Five executive directors of the company too were interviewed. Bharat Petroleum Corporation Ltd (BPCL) director (marketing) Sukhmal Kumar J

Derivative strategy: Nandish Shah of HDFC Sec suggests Bull Spread on IOC

F&O strategy for Indian Oil stock: IOCL share price has broken out on the daily chart to close at highest level since February 2024 with a sharp rise in volumes

Indian Oil Q4FY24 results: Net profit shrinks 50% to Rs 5,149 crore

Annual net profit up 268% to Rs 43,161 crore, helped by Russian discounts

Indian Oil Corp set to tap spot oil market as Russian term deal lapses

State-run IOC's term contract with Rosneft expired on March 31, two sources said

Indian Oil Corporation appoints Rashmi Govil as Director, Human Resources

Rashmi Govil has taken charge as Director (Human Resources) at Indian Oil Corporation Limited (IndianOil), the Fortune-500 energy major said on Friday. "She joined IndianOil in 1994 and brings with her nearly three decades of rich experience in various facets of the human resources function," the company said in a statement. Govil is a seasoned professional with an MBA specialising in HR and a Postgraduate Diploma in Finance. Prior to her appointment as Director (HR), she was serving as Executive Director (HRD & Employee Relations) at the company's corporate office. With this elevation, IndianOil now has two women functional directors on its Board. Sukla Mistry, Director (Refineries), is other director on the board that has a total of seven functional directors. "Govil has also worked at IndianOil's refineries headquarters," it said. "Her rich and varied experience has laid the foundation for her deep understanding on the nuances of the function including compensation and ...

Qatar hits major LNG growth market India, to hold talks with Gail, IOC

The Persian Gulf producer will hold high-level talks with Gail India Ltd. and Indian Oil Corp. during India Energy Week in Goa, according to traders with knowledge of the discussions

Govt halves support to oil firms, defers filling strategic oil reserves

The government has halved the amount of equity infusion in state-owned fuel retailers to Rs 15,000 crore for supporting their investments in energy transition projects, the finance ministry has said. Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for 2023-24 fiscal (April 2023 to March 2024) announced equity infusion of Rs 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms' energy transition plans. Alongside, she had also proposed Rs 5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions. That plan has also been deferred in view of emerging trends in oil markets, the finance ministry said. While other state-owned oil companies such as Oil and Natural Gas Corporation (ONGC) an

Indian Oil Corp to open 300 ethanol fuel stations, says Nitin Gadkari

India, the world's third-biggest oil importer and consumer, is keen to cut its carbon footprint to meet its 2070 net-zero carbon goal

IOC, LPG carriers reach truce after month long protest, NE supplies resume

Indian Oil Corporation's LPG cylinder transporters have withheld their agitation for a month after the company agreed to several of their demands, officials said on Monday. Members of the North East Packed LPG Transporter Association (NEPLTA) had on December 4 stopped plying their trucks, alleging pending dues and low rates in recently floated tenders, thereby affecting supply of LPG in several states of the region. "We have ended our strike temporarily after marathon discussions with the company management last week. They have agreed to several of our demands," NEPLTA Chief Advisor Kumud Nath told PTI. When contacted, an Indian Oil Corporation official confirmed the development, and said the association has resumed operating trucks from Saturday night for one month till further discussions take place. "During this period, IOC will work on our grievances. If they fail in that effort, we will consider our next course of action accordingly," Nath said. As per the signed minutes of t

Tata Power, Indian Oil tie up to deploy 500 EV charging points across India

Tata Power on Monday said its subsidiary Tata Power EV Charging Solutions has inked an agreement with India Oil Corporation Ltd (IOCL) to install more than 500 fast and ultra-fast electric vehicle (EV) charging points across India. Tata Power will install EV charging points across multiple IOCL retail outlets, a statement said. Tata Power EV Charging Solutions Limited (TPEVCSL), a Tata Power Group Company and one of the leading EV Charging solutions providers, and the IOCL have signed a memorandum of understanding (MoU) to roll out fast and ultra-fast electric vehicle (EV) charging points across India. These EV charging points will be installed in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway and the Golden Quadrilateral. This strategic collaboration focuses on building a reliable and expansive intercity charging network which will help

EKI Energy partners with Indian Oil to promote sustainable solar cooking

Global carbon credit developer and supplier EKI Energy Services and state-owned refiner Indian Oil Corporation have collaborated to promote sustainable indoor solar cooking system. EKI Energy Services and Indian Oil Corporation (IndianOil) have formalised a Memorandum of Understanding (MOU) to this effect, an EKI statement said. According to the statement, this strategic collaboration aims to promote 'Surya Nutan', IndianOil's innovative indoor solar cooking system. IndianOil, the country's largest fuel refiner and retailer, has a prominent presence across the entire hydrocarbon value chain, it stated. Under the MOU, IndianOil will share the technology of Surya Nutan with EKI Energy to enhance its production and distribution, supported by carbon finance while contributing towards the betterment of society and environment. EKI Energy will oversee the end-to-end management of Surya Nutan encompassing manufacturing, marketing, installation, and the provision of after-sales services.

Indian Oil to double Ennore LNG terminal's capacity to 10 mn metric tpy

Jain said IOC hopes to boost local sales of gas to 20 million tpy by 2030, a substantial increase from the current 6.3 million tpy

Sri Lankan govt renews Lanka Indian Oil petroleum license for 20 years

The Sri Lankan government has renewed the petroleum products license granted to Lanka IOC, the local subsidiary of Indian Oil Corporation, for another 20 years, officials said on Monday. The license originally issued in 2003 was to expire in January 2024. This will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044. The license renewal letter was handed over by President Ranil Wickremesinghe to Dipak Das the Managing Director of LIOC late last week, Aseem Bhargav, the Chief Financial Officer of LIOC said in a statement. The government has renewed the petroleum products license granted to Lanka IOC, the local subsidiary of Indian Oil Corporation, for another 20 years, the LIOC officials told PTI on Monday. The license enables LIOC to import, export, store, transport, distribute, sell and supply petrol diesel, heavy diesel, furnace oil, kerosene, Naphtha and other mineral petroleum including premium petrol and premium diesel."

Indian Oil to invest Rs 1,660 cr in exchange for 50% stake in JV with NTPC

Indian Oil also announced the appointment of Anuj Jain as its chief financial officer

Indus Towers signs pact with IOC Phinergy for clean energy systems

Indus Towers and IOC Phinergy (IOP) have inked a pact for the deployment of 300 zero-emission energy systems to optimise diesel consumption at Indus' telecom tower sites. This move accelerates Indus Towers' progress towards its sustainability priorities, according to a release. "Indus Towers Limited and IOC Phinergy Private Limited (IOP) have signed an agreement for deployment of 300 zero-emission energy systems based on aluminium-air technology, to optimise diesel consumption at Indus' telecom tower sites," the release said. Indus Towers' CEO Prachur Sah said as part of the company's ESG vision, Indus Towers believes in nurturing environmental stewardship, being socially responsible and having robust governance. "Indus Tower's agreement with IOP is a testimony of the company's commitment to build eco-friendly telecom tower sites by investing in solutions for resource optimisation," Sah added. IOP is a joint venture company formed by IOCL and Phinergy Ltd, Israel to manufacture, s