Mumbai: Bad prospects have forced state-run Hindustan Petroleum Corp. Ltd (HPCL) to relinquish 19 of its 21 exploration and production blocks, ending its upstream ambitions. In its 2017-18 annual report, HPCL also said the net worth of its fully owned exploration and production subsidiary Prize Petroleum Co. Ltd has partially eroded.

Mumbai: State-run Hindustan Petroleum Corp. Ltd (HPCL) has sought shareholder nod to borrow as much as 12,000 crore by selling debentures and bonds, according to its FY18 annual report. “Approval of the members of the company by way of special resolution is sought for private placement of unsecured/secured redeemable non-convertible bonds (NCDs)/debentures up to 12,000 crore (from domestic as well as overseas markets)

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.

State-run oil marketer and refiner Hindustan Petroleum Corp (HPCL) on Wednesday reported an 86% increase in net profit to Rs 1,719 crore in the April-June 2018 period, from Rs 925 crore in the comparable period a year ago, driven mainly by strong refining margins. The company, now a subsidiary of the national explorer ONGC, reported a revenue of Rs 72,923 crore for the June 2018 quarter, compared with Rs 59,891 crore a year ago.

India’s ministries of finance and power are discussing a plan to sell government’s stake in hydro-power producer NHPC Ltd. to its state-run peer NTPC Ltd., the nation’s biggest electricity generator by capacity, according to people familiar with the matter.

The government’s 73.67 percent stake in NHPC is worth about 182 billion rupees ($2.6 billion) as per current prices, according to Bloomberg calculations.

Shares of airlines and oil marketing companies (OMCs) companies were trading higher by up to 5% on the BSE after the Brent Crude recorded its biggest one-day fall in two years on Wednesday.

All three listed OMCs, Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) were up 3% to 5%.

Around 400 bids have come for 86 geographical areas on offer under the ongoing round, the ninth one, for city gas licensing.

Tuesday was the final date for these. The technical bids would be opened between Thursday and the week after.

Consumer goods company Britannia Industries could replace state-owned oil marketing company Hindustan Petroleum Corporation (HPCL) in the benchmark Nifty 50 index, said domestic brokerage ICICI Direct. Besides, JSW Steel or Godrej Consumer Products also have a fair chance of replacing Lupin in the index, the brokerage added.

NEW DELHI: Hindustan Petroleum Corporation Limited (HPCL) may use a mix of shares, cash and oil bonds to pay for acquiring and merging Mangalore Refinery and Petrochemicals Ltd (MRPL) with itself, according to people familiar with the merger plan that’s in the works.

The final nature of the deal and the payment plan will be worked out once the boards of HPCL and MRPL approve the proposal to merge.

The boards of Mangalore Refineries and Petrochemicals (MRPL) and Hindustan Petroleum Corporation (HPCL) are set to take up the proposal for merger of the two companies by August. After the acquisition of majority stake in the HPCL by Oil and Natural Gas Corporation (ONGC), it was expected that ONGC may look at further synergy in business by merging the two subsidiaries.

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