NEW DELHI: Indraprastha Gas (IGL), Indian Oil-Adani Gas combine and Hindustan Petroleum-Oil India joint venture are set to win licences to distribute gas in one city each in the latest round of auction, according to people with direct knowledge of the matter.

In the much delayed 8th round city gas bidding, licences for gas distribution in Karnal, Haryana is set to go to IGL.

After years of dithering, composite liquefied petroleum gas (LPG) bottles are set to be tested in the Indian markets, with the state-run Hindustan Petroleum (HPCL) getting the go-ahead from the ministry of petroleum and natural gas. Though attempts to test the fibre-made bottles, safer and lighter than the metallic cylinders in use, can be traced back to 2012, these haven’t hit the market yet due to the lack of requisite approvals from various agencies such as Indian Standards Institute. The relatively higher cost of the composite cylinders has also been hurdle. “The ministry has given permission to HPCL for testing the cylinders,” said a ministry official requesting anonymity.

Shares of PSU oil majors Oil and Natural Gas Corp and Hindustan Petroleum Corp jumped today after the giant exploration company’s board approved the acquisition of 51% equity stake in the refining and marketing firm from the government. ONGC shares rose as much as 1.6% to Rs 160.1 on BSE, while HPCL shares were trading up over 3.6% at Rs 450. Earlier yesterday, ONGC’s board of directors in a meeting held on 21 August 2017, gave an in-principle approval for acquisition of 51.11% equity stake of HPCL.

The government has tweaked the terms of sale of its 51.11 per cent stake in HPCL to ONGC by including phrases that will help avoid triggering an open offer, an official said.

The Cabinet Committee on Economic Affairs (CCEA) had on July 19 granted 'in-principle' approval for strategic sale of the government's existing 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) "along with the transfer of management control, which will result in HPCL becoming a subsidiary company of ONGC".

New Delhi, Aug. 4: Inventory losses pulled down HPCL's net profit 56 per cent to Rs 925 crore in the first quarter of the current financial year.

"We had an inventory loss of Rs 1,595 crore in the first quarter of the current fiscal compared with an inventory gain of Rs 1,935 crore in the corresponding period of the previous year," HPCL chairman and managing director M.K. Surana told reporters here.

State-run Hindustan Petroleum Corporation posted a 56% drop in net profit for the first quarter of the financial year 2017-18 ended June 30 at Rs 924.75 crore, as against Rs 2,098.38 crore during the same time last year.

Meanwhile, the company's revenue for the period under review saw a 13 per cent increase to Rs 59,891.27 crore compared to Rs 51,599.52 crore during the April to June quarter of 2016-17.

Shares of state-owned oil refiners rallied by up to 5% on BSE in intra-day trade on report that the government will end subsidy on kerosene.

Indian Oil Corporation (IOC) gained 5% to Rs 388, while Hindustan Petroleum Corporation (HPCL) surged 4.4% to Rs 401 and Bharat Petroleum Corporation (BPCL) rose 3% to Rs 499 on BSE in intra-day trade. On comparison, the S&P BSE Sensex was down 159 points or 0.49% at 32,318 at 10:25 am.

Airtel Payments Bank on Tuesday announced a partnership with Hindustan Petroleum Corporation Ltd (HPCL) which will allow its customers to make cash deposits as well as withdraw money through HPCL fuel stations.

All 14,000 HPCL fuel stations will act as banking points for Airtel Payments Bank, the company said in a statement.

Indian Institute of Management, Lucknow (IIM-L) and Hindustan Petroleum Corporation Limited (HPCL) have signed a Memorandum of Understanding (MoU) for incubating innovative ideas and business start-ups in the domestic energy sector.

Under the tie-up, the selected start-ups would be provided with seed funding and incubated at IIM-L Enterprise Incubation Centre (L-INCUBATOR). The MoU was signed recently during Startup Pitch Day at the Noida campus of IIM-L.

State-run Hindustan Petroleum Corporation (HPCL) will retain its cultural uniqueness and brand identity even after the strategic sale of 51.11 per cent government equity in the company to the Oil and Natural Gas Corporation (ONGC), Petroleum Minister Dharmendra Pradhan informed the Lok Sabha on Monday.

The Cabinet Committee on Economic Affairs had given its in-principle approval for the sale of government equity in HPCL, along with the transfer of management control to ONGC, on July 19 this year.

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