{"id":349408,"date":"2020-05-04T12:28:08","date_gmt":"2020-05-04T06:58:08","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=349408"},"modified":"2020-05-04T12:28:08","modified_gmt":"2020-05-04T06:58:08","slug":"state-oil-companies-take-the-cp-route-to-raise-rs-12500-crore","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/state-oil-companies-take-the-cp-route-to-raise-rs-12500-crore\/","title":{"rendered":"State oil companies take the CP route to raise Rs 12,500 crore"},"content":{"rendered":"<p>Mumbai | New Delhi: Four stateowned oil companies \u2014 Indian Oil CorpNSE -3.86 %, Bharat PetroleumNSE -4.45 % Corp, Hindustan Petroleum and ONGC \u2014 together garnered about Rs 12,500 crore in the biggest single-day fund-raising since the lockdown began.<\/p>\n<p>Companies sought to raise the short-term funds to meet working capital needs. Fund houses and banks, looking for safe bets, bought these commercial papers (CPs) maturing in a maximum of three months.<\/p>\n<p>\u201cThe government-backed oil refiners sought to raise money cheaply, taking advantage of the broader risk aversion,\u201d said Dhawal Dalal, CIO \u2013 fixed income at Edelweiss Asset. \u201cAny investor, be it a fund house or a bank, is comfortable investing in these companies that are deemed quasi-sovereign. In periods of economic stress, investors always seek safety rather than higher rates.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai | New Delhi: Four stateowned oil companies \u2014 Indian Oil CorpNSE -3.86 %, Bharat PetroleumNSE -4.45 % Corp, Hindustan Petroleum and ONGC \u2014 together garnered about Rs 12,500 crore in the biggest single-day fund-raising since the lockdown began. Companies sought to raise the short-term funds to meet working capital needs. Fund houses and banks, looking for safe bets, bought these commercial papers (CPs) maturing in a maximum of three months. \u201cThe government-backed oil refiners sought to raise money cheaply, taking advantage of the broader risk aversion,\u201d said Dhawal Dalal, CIO \u2013 fixed income at Edelweiss Asset. \u201cAny investor, be [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,191,136],"tags":[],"class_list":["post-349408","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/349408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=349408"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/349408\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=349408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=349408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=349408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}