HPCL Q1 net up 86% to Rs 1,719 cr
Posted on 9th August 2018 |
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| State-run oil marketer and refiner Hindustan Petroleum Corp (HPCL) on Wednesday reported an 86% increase in net profit to Rs 1,719 crore in the April-June 2018 period, from Rs 925 crore in the comparable period a year ago, driven mainly by strong refining margins. The company, now a subsidiary of the national explorer ONGC, reported a revenue of Rs 72,923 crore for the June 2018 quarter, compared with Rs 59,891 crore a year ago. However, the cost of crude oil to the company increased from $49.8 per barrel to $73 per barrel between the two periods. MK Surana, chairman and managing director of HPCL, told reporters that the increase in profit was mainly due to higher refining margins and inventory gains. The combined gross refining margin, or earnings from refining each barrel of crude oil, of the company was up to $7.15 per barrel during the June 2018 quarter compared with $5.86 a year ago. The Asian benchmark Singapore gross refining margin averaged around $6 a barrel during the last quarter. During April-June 2018, HPCL achieved the highest ever quarterly domestic sales volume of 9.63 million tonne (mt), the company said in a release. The sales of petrol increased by 6.9%, diesel by 2.7%, liquefied petroleum gas by 11.3%, aviation turbine fuel by 9.9%, and lubes by 22.9% during the last quarter compared with the year-ago period. Pipeline throughput increased to 5.45 mt with a growth of 17% over the corresponding previous quarter last year. For 2018-19, HPCL has plans to invest over Rs 8,400 crore in various projects across verticals such as refineries, petrochemicals, marketing, pipelines and natural gas. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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