Page 5 - Indian Oil Corporation

IOC posts highest revenue by any Indian company, record profit in FY22

Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back

IOC Q4 net profit drops 31%; board recommends 1:2 bonus issue of shares

Indian Oil Corporation (IOC) on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit on a margin squeeze in petrochemicals and losses on auto fuel sales. Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing. Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter. With oil prices surging, revenue from operations rose to Rs 2.06 lakh crore in the final quarter of this fiscal year ending March 31 from Rs 1.63 lakh crore a year back. IOC and other public sector oil companies held petrol and diesel prices for a record duration despite a surge in the cost of raw materials (crude oil). They started raising prices only on March 22. Pre-tax earnings from the sale of petroleum products fell 8 per cent to Rs 8,251.29 crore while the same from the petrochemicals business was down 72 per cen

Firms rush to tap into green hydrogen, three top cos corner large share

Greenko-John Cockeril latest to join league; RIL, L&T, Adani together set aside investment of nearly Rs 6 trillion, say analysts

Top headlines: Markets soar on HDFC twins' merger; JV for green hydrogen

Business Standard brings you the top headlines on Monday

IOC unit to release 6,000 MT diesel to help ease power crisis in Lanka

Power cuts lasting over 13 hours came to be in place on Thursday, the longest cut since 1996 when a strike by the state power entity employees caused a 72-hour black out

West Coast refinery could get a new home as demand for such plants revives

Renewed interest in adding refinery capacity in India owes to the long-term decline of the business in Europe; and in the short-run, the Ukraine war has been a key driver

Two IOCL officials arrested for graft remanded to CBI custody

A hunt has been launched for absconding accused N P Rodge, the general manager (retail sales)

Street realigning to the new scenario for oil marketing companies

Many more price hikes though required to return to positive margins; moderate valuations offer some comfort

Sri Lanka's currency will stabilise soon, assures country's central bank

Sri Lanka relaxed controls on currency earlier this week considering the severity of the external shocks and recent developments in the domestic front, reported Xinhua

Indian Oil no longer accepts Russian crude oil on free-on-board basis

The letter was sent on Monday to traders who submit cargo offers into IOC's regular crude oil buy tenders

IOC no longer accepts Russian, Kazakh crude on FOB basis: Report

Indian Oil Corp will no longer accept cargoes of Russian crude oil and Kazakh CPC Blend cargoes on a free-on-board basis due to insurance risk

IOC to be dropped from Nifty 50 from Mar 31; Apollo Hospitals to move in

Apollo Hospitals Enterprise Ltd will replace Indian Oil Corporation Ltd from National Stock Exchange's benchmark index Nifty 50 from March 31. The Index Maintenance Sub-Committee Equity (IMSC) of NSE Indices Limited has decided to make it a part of its periodic review, according to a press release on Thursday. Apart from Nifty 50, changes have been announced in several indices including Nifty Next 50. One 97 Communication, owner of Paytm; FSN E-Commerce Ventures, which runs online marketplace Nykaa, Zomato Ltd, Indian Oil Corporation Ltd, MindTree Ltd and SRF Ltd will find a place in Nifty Next 50. Apollo Hospitals Enterprise, Aurobindo Pharma, Hindustan Petroleum Corporation Ltd, Indraprastha Gas Ltd, Jindal Steel & Power Ltd and Yes Bank will be excluded from Nifty Next 50. These change will become effective from March 31 (close of March 30). Besides, NSE Indices has revised the eligibility criteria for inclusion of stocks in Nifty equity indices. The minimum listing history .

Indian Oil Corp buys first Russian Urals crude in 2 years as prices slump

Urals crude was last imported by IOC at its Paradip port in April 2020, Refinitiv's trade flows data showed

Dabur to reach its wares to 140 mn Indane users via IndianOil delivery team

Move will help Dabur leverage IndianOil's reach via booklets given to consumers through OMC's delivery team. An app will also help customers order directly, and get the products delivered by this team

IOC raises Rs 1,500 cr via bonds at interest rate lower than sovereign

IOC priced its five-year rupee bonds at a coupon rate of 6.14 per cent tighter than a similar maturing government bond that is trading at an annualised yield of 6.29 per cent

Indian Oil installs more than 1,000 electric vehicle charging stations

IndianOil is gearing up to provide EV charging facilities at 10,000 fuel stations in the next three years, said Director, Marketing V. Satish Kumar

IOC gets Rs 2,281 crore as Air India clears 80% of jet fuel dues

State-owned fuel company lists recovery from carrier and increasing air traffic as positives for its business.

Indian Oil Corporation, Adani Total Gas top bidders for city gas licenses

Adani group had originally ventured into city gas business in a joint venture with IOC but it later tied up with Total. Adani and IOC did not put any combined bid in the latest bidding round

IOC to invest Rs 9,028 crore for setting up a new crude oil pipeline

IOCL operates a network of more than 15,000-km long crude oil, petroleum product and gas pipelines

High-level IOC delegation, Bengal forensics team probe Haldia Refinery fire

The state government demanded that a compensation package for the dead and injured workers be announced, to which the IOC said that it is being prepared and will be made public soon