In past three days, shares of OMCs have declined between 8 - 12 per cent on concerns that recent petrol and diesel price cut could hurt the companies' profit margins in the near-term.
Market wrap on March 15, 2024: Mahindra & Mahindra was the major loser among auto stocks, down 5%; Among others shares of oil marketing companies declined up to 6 per cent post fuel price cut.
Stocks to Watch on Friday, March 15, 2024: The Centre has reduced prices of petrol and diesel by Rs 2 per litre, effective from March 15, 6 AM
Both petrol and diesel to be cheaper by Rs 2 in Delhi from Friday
Overall, IOCL and BPCL reported a net profit of Rs 8,063 crore and Rs 3,397 crore respectively, well ahead of Q3FY23 PAT of Rs 448 crore and Rs 1,960 crore
Analysts at CLSA believe that HPCL, BPCL and IOC were pricing-in much higher than historical marketing margins, and a notable premium to the global peers
Dhamra LNG terminal, India's newest and only terminal on the Eastern coast will take advantage of the Urja Ganga and Indradhanush gas grids, to service the region
IOC is likely to trade on a bullish note as long as the stock sustains above Rs 165, suggests the daily chart.
The British company's payouts to shareholders reached around $23 billion in 2023, over 10% of Shell's market value
The average gross refining margin (GRM) of BPCL for FY24 came in at $14.72 per barrel as against $20.78 a barrel in the first nine months of FY23
But, no mention of ethanol from cane juice and b-heavy molasses
Puri, who is in charge of the Petroleum and Natural Gas Ministry, said India enjoys a buyers' position and foreign oil suppliers are making offers to its companies
After the hike, the procurement price of ethanol produced from C-heavy molasses would be Rs 56.28 per litre as against Rs 49.41 per litre in 2022-23 procurement season
Shares of OMCs have rallied around 50 per cent in the last two months on the back of strong Q2 earnings. Can a fuel price hike derail the rally? Here's what the chart suggests.
Puri says India open to importing from any country not under sanctions
Shares of HPCL surged 10 per cent to Rs 378.80, its highest level since March 2018 on the BSE in Monday's intra-day trade on the back of heavy volumes.
Nifty hits fresh record high: Since September 15, automobile and energy linked stocks have outperformed the markets
For OMCs, FY24 is turning out to be the best year in terms of earnings, despite the upcoming general elections, according to analysts.
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.
Move to better map and service demand for green hydrogen beyond captive use for oil refineries