ONGC is HPCL promoter, no confusion about it, says Dharmendra Pradhan
Posted on 10th August 2018 |
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| Petroleum minister Dharmendra Pradhan on Thursday said national oil explorer ONGC is the promoter of oil marketing company HPCL and “there should be no confusion about it”. FE had earlier reported that though HPCL was taken over by ONGC in January this year, the former is yet to recognise the upstream major as its promoter in the mandatory quarterly filings with the stock exchanges. In the filings for Q4FY18 and Q1FY19 with both the BSE and NSE, HPCL clubbed ONGC, which owns its 51.11% share, with ‘public shareholders’ while still mentioning the President of India (read the Union government) as its promoter with 0% stake. ONGC has written to HPCL asking to make necessary changes in its filings. The state-run explorer had to fork out Rs 36,915 crore to acquire a majority stake in HPCL on being prodded by the government, which wanted to boost its non-debt capital receipts. MK Surana, chairman and managing director of HPCL, on Thursday told reporters, “Whatever we did, are doing and will be doing is as per our understanding of the institutes and Sebi rules.” An ostensible purpose of the deal was to further the government’s policy of creating an integrated oil major to compete with global and domestic private players. Prior to acquisition, HPCL was on the Fortune Global 500 list ranked 384 (2016) while ONGC was not on the list. Thanks to majority stake in HPCL, ONGC is now ranked 197 (2017) on the list. The Fortune Global 500 is an annual ranking of the top 500 corporations worldwide as measured by revenue. |
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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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| Be the first person to write a business review for ONGC is HPCL promoter, no confusion about it, says Dharmendra Pradhan |
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