The current market volatility is being caused by the OPEC producer group rather than the conflict in the Middle East, said Union Minister of Petroleum & Natural Gas Hardeep Singh Puri on Friday, reported ET Now. Puri said that oil producers are cutting down and holding back production.
Category: Oil & Gas
India receives oil cargo in Russian SCF tanker after brief halt, sources say
A ship controlled by U.S.-sanctioned Russian shipping giant Sovcomflot (SCF) discharged fuel oil at a western Indian port on Friday, two sources familiar with the matter said, indicating a resumption in the use of SCF vessels to supply Moscow’s key market after a brief halt. The SCF Baltica, carrying 90,000 metric tons of fuel oil […]
Oil PSUs’ output from overseas fields up a tad
India’s state-run firms’ output from overseas oil and gas fields marginally rose in 2023-24 after declining for four straight years. The output, however, remained a fifth below the peak of 2018-19 as producing fields matured and no new overseas assets were acquired in recent years. The share of India’s state companies in oil and gas […]
IGX launches ssLNG contracts, to take gas availability beyond national grid
New Delhi: Close on the heels of receiving approval from the Petroleum and Natural Gas Regulatory Board (PNGRB), the Indian Gas Exchange (IGX) has launched contracts for small-scale Liquefied Natural Gas (ssLNG) on its platform in a bid to address the demand for fuel in areas not connected to the national gas grid. “The introduction […]
GAIL plans to expand LNG trading business to global markets
India’s top gas marketer GAIL aims to become a global liquefied natural gas (LNG) trader as the expanding market fuels new business opportunities. “We plan to ramp up our LNG trading business. We began with sourcing LNG cargoes for ourselves and have expanded to sourcing cargoes for some other Indian companies. Now we plan to […]
Oil steadies in Asian trading, Middle East tensions remain in focus
Oil prices steadied in Asian trading on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Global benchmark Brent crude oil futures traded 4 cents higher at $87.39 a barrel by 0153 GMT, and U.S. West Texas Intermediate crude futures also gained 4 […]
GAIL shares fall 1.23% as Nifty gains
Shares of GAIL (India) Ltd. traded 1.23 per cent down at Rs 199.5 on Monday at around 02:09PM (IST), while the benchmark BSE Sensex advanced 406.44 points to 73494.77. As many as 3,027,367 shares changed hands on the counter with a total value of Rs 60.32 crore.
RIL Q4 Results: Net profit falls 2% YoY to Rs 18,951 crore, yet beats estimates
Mukesh Ambani-led conglomerate Reliance Industries on Monday reported a 2% fall in its consolidated net profit at Rs 18,951 crore for the quarter ended March 2024. It was Rs 19,299 crore in the year-ago period. ETNOw had predicted PAT at Rs 18,227 crore. Revenue from operations surged 11% year-on-year to Rs 2.4 lakh crore in […]
RIL Q4 Scorecard: From earnings, dividend to key milestones, here are 10 top takeaways for D-Street
Reliance Industries (RIL) on Monday announced its quarterly earnings for January-March period where it became the first Indian company to cross the Rs 1 lakh crore threshold in pre-tax profits. The company also recorded annual consolidated revenue of Rs 10 lakh crore, which was up by 2.6% on a year-on-year basis (YoY). The oil-to-chemicals conglomerate […]
Reliance Industries board approves Rs 10/share dividend
Oil-to-chemicals conglomerate Reliance Industries (RIL) on Monday declared a dividend of Rs 10 per share for the financial year ended March 31, 2024. The company will inform about the date from which the dividend will be paid in due course, RIL said in its filing to the exchanges. Earlier last fiscal, it had already paid […]
RIL shares see target prices going up to Rs 3,500 after Q4 results. Time to buy?
After billionaire Mukesh Ambani-led conglomerate Reliance Industries (RIL) reported largely in-line earnings for the March quarter, driven by an improvement in O2C throughput, brokerages have increased target prices amid positive comments from the management around capex moderation and hints of potential telecom tariff hikes. RIL shares, which have gained around 14% in the calendar year […]
Oil prices retreat as US crude build, rate cut concerns come to the fore
Oil prices fell at Asia’s open on Monday, dragged down by a renewed focus on market fundamentals, as Israel and Iran played down the risks of an escalation of hostilities in the Middle East after Israel’s apparently small strike on Iran. Brent futures fell 54 cents, or 0.6%, to $86.75 a barrel by 1218 GMT.