Reliance Industries Limited on Tuesday achieved another milestone becoming the first Indian firm to hit a market valuation of Rs 9.5 lakh crore, helped by a rally in its stock price. At the close of trade, shares of the company climbed 3.52 per cent to close at Rs 1,509.80 on the BSE. During the day, […]
Category: Oil & Gas
Mukesh Ambani breaks into the club of six oil elites
Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors. The Indian conglomerate is now valued at $138 billion, compared with the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times […]
GoAir inks pact with Emirates National Oil for jet fuel
Budget carrier GoAir said on Monday it has inked a pact with Dubai-based Emirates National Oil Company (ENOC) for the supply of jet fuel to the carrier. GoAir currently operates to eight international destinations and half of them fall in the Gulf region. A wholly-owned entity of the Dubai government, ENOC at present covers more […]
OPEC’s Indian oil imports in Oct hits lowest since 2011
OPEC’S share of India’s oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers. India, which usually imports about 80% of its needs from members of the Organization of the Petroleum Exporting Countries, […]
Indian Oil Q2 profit slumps 83%, misses view
Indian Oil Corp Ltd, the country’s top refiner, posted a near 82.7% fall in second quarter profit on Thursday, missing estimates by a huge margin. Net profit for state-owned IOC came in at 5.63 billion rupees ($79.28 million) in the quarter ended Sept. 30, compared with 32.47 billion rupees a year earlier, IOC said. Analysts […]
Saudi Aramco to store 4.6 mn oil barrels in Karnataka
India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure. Global oil producers are eager to gain a foothold in India, where fuel demand is […]
Aramco to make stock market debut on Dec 11: Report
Energy giant Saudi Aramco will make its long-awaited debut on the Riyadh stock market on December 11, Saudi-owned Al-Arabiya television said Tuesday. The broadcaster, citing unnamed sources, said the Saudi exchange will announce on November 3 a timetable for the initial public offering including the release on November 17 of the targeted share price. “Aramco […]
Petronet net nearly doubles to Rs 1,089 cr
Petronet LNG Ltd, the country’s biggest importer of liquefied natural gas, on Tuesday reported nearly doubling of net profit in September quarter on back of improved margins. Net profit in July-September at Rs 1,089 crore was 90 per cent higher than Rs 572.89 crore net profit in the same period, the company said in a […]
BPCL’s Mozambique deal under govt scanner: Sources
The government is looking into state-owned Bharat Petroleum Corp Ltd’s (BPCL) investments in a gas block in Mozambique and has not yet formally given its approval to the firm for further spendings, sources said. Bharat PetroResources Ltd (BPRL), an exploration and production subsidiary of BPCL, had in August 2008 bought a 10 per cent stake […]
Oil holds steady as Russia reaffirms to output cuts
Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices. Brent crude was down 1 cent at $62.01 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last […]
India’s economy is bleeding diesel as demand dries up
India’s sputtering economy is turning the energy-hungry nation into an unlikely source of diesel exports. The industrial fuel is the lifeblood of Indian manufacturing, transport and agriculture, making it the country’s most-consumed petroleum product. But five straight quarters of slowing growth is taking an increasing toll on demand, resulting in diesel consumption slumping to the […]
RIL m-cap hits Rs 9tn, becomes most valuable Indian co.
Reliance Industries (RIL) on Friday added another feather to its cap by becoming the first Indian firm to hit the Rs 9 lakh crore market valuation mark. During late morning trade on BSE, the company’s market capitalisation (m-cap) was Rs 9,01,490.09 crore. The scrip of the country’s most-valued company was trading in the green, up […]