Reliance Industries (RIL), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Castrol India from the S&P BSE Oil & Gas index hitting their respective 52-week highs in intra-day trade on Monday.

At 03:07 PM, the S&P BSE Oil & Gas index was up 0.16%, as compared to 1.2% decline in S&P BSE Sensex. The index hit an intra-day high of 11,573, its highest level since September 10, 2014.

State-run Bharat Petroleum Corporation Ltd (BPCL) plans an initial public offering (IPO) for its Bina refinery joint venture (JV) company in the next financial year, top company official said.

The company also plans to start full operations of its expanded Kochi refinery project in the fourth quarter of the current financial year.

Mumbai: The first gas output from Mozambique’s Rovuma basin will take longer to be produced than anticipated. Bharat PetroResources Ltd (BPRL), the upstream arm of state-owned Bharat Petroleum Corp. Ltd (BPCL), said the gas will now be produced in 2020-21 instead of year 2019.

Capital expenditure for the basin is undergoing revision, thanks to the drop in crude oil prices and a subsequent drop in exploration service costs. The previously projected capital expenditure for the project was at $21 billion.

Shares of oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were trading higher in the early trade on Friday after they revised fuel prices. Petrol prices increased by 0.58 per litre while diesel prices decreased by Rs 0.31 per litre.

IOC shares advanced as much as 0.9 per cent in the early trade. At 9.35 am, the scrip was trading 0.60 per cent up at Rs 561.85.

Bharat Petroleum Corporation (BPCL)’s net profit for the April-June 2016 quarter rose 11 per cent to Rs 2,620.5 crore, year-on-year, even as the state-run firm’s total income from operations fell three per cent to Rs 57,016 crore from Rs 58,768 crore a year ago. Total expenses for the quarter under review also fell four per cent to Rs 53,528 crore from Rs 55,553 crore in the year-ago quarter.

State-owned companies, from builders such as NBCC to oil firms such as Bharat Petroleum Corp Ltd, are attracting top investors as cheap valuations, improving earnings, and share buybacks make them stand out in an otherwise expensive market.

A government move to increase taxes on dividends has spurred these cash-rich companies towards buying back shares for the first time to reward investors, but supporters say the allure extends beyond that.

Mumbai: The state-run Bharat Petroleum Corporation Ltd (BPCL) would soon begin selling financial products, insurance and remittances from its fuel retail outlets along with its partner Fino Paytech.

BPCL brought 21% stake in Fino Paytech, a payments bank, for Rs.251 crore last week.

Shares of oil marketing companies (OMCs) are on a roll with all three listed firms – Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – closing at their respective lifetime highs on the Bombay Stock Exchange (BSE) on Tuesday. These stocks closed higher between 3%-5%, as compared to 0.15% rise in the S&P BSE Sensex today.

Mumbai: Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) may jointly hold a 51% stake in a large refinery and petrochemical complex proposed to come up in coastal Maharashtra, two people familiar with the development said.

The state government and a strategic investor who is yet to be brought in will hold the rest.

Mumbai: Indian Oil Corporation Ltd (IOC), Oil India Ltd and Bharat PetroResources Ltd (BPRL), a unit of Bharat Petroleum Corporation Ltd (BPCL), are together looking to raise $2 billion in debt to fund their purchase of stakes in two Russian fields, Vankorneft and Tass-Yuryakh, said four people aware of the development.

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