IOC, BPCL & HPCL shares tumble after Moody’s warns of rising debt burden
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Shares of the state-run oil marketing companies IOC, BPCL and HPCL dived up to 2.8% after Moody’s Investors Service said that the state-owned fuel retailers have to increase borrowings. IOC, BPCL, and HPCL will have to go in for increased borrowings to sustain high dividend payments and capital spending this fiscal, keeping their credit metrics weak, Moody’s Investors Service said yesterday. It expected dividend payments by the three to decline modestly in 2017-18, but remain higher than in 2015-16.
The stock of Bharat Petroleum Corporation Ltd was the biggest loser among the three, plunged as much as 2.84% to the day’s low of Rs 492.5; Hindustan Petroleum Corporation Ltd fell 2.2% to the day’s low of Rs 451.15. While the stock of India’s largest companies by revenue Indian Oil Corporation was little changed, fell 0.79% to hit the day’s low of Rs 415 on NSE. The government expects to receive Rs 67,500 crore of dividends from all state-owned companies in 2017-18, less than the Rs 77,000 crore estimated to have been received in 2016-17 but more than double the Rs 30,800 crore in 2015-16.
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Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
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Police have registered a case against four unidentified persons on charges of attempt to murder after NCP (SP) leader and former Maharashtra home minister Anil Deshmukh was seriously injured in stone pelting at his car in Nagpur, officials said on Tuesday.
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Amid alarmingly high pollution levels in Delhi, Environment Minister Gopal Rai on Tuesday urged the Centre to convene an emergency meeting to tackle the issue and said it is the moral responsibility of Prime Minister Narendra Modi to intervene in the matter.
Addressing a press conference, Rai said the Centre has not acted on the Delhi government's repeated requests to allow artificial rain in the national capital and he will again write to Union Environment Minister Bhupender Yadav.
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The Enforcement Directorate (ED) has uncovered "direct links" between e-commerce giants Amazon and Flipkart and their preferred sellers, The Economic Times reported on Tuesday. The central probe agency is investigating alleged violations of foreign investment laws by the companies.
According to the report, the ED quizzed the “top” five sellers of both firms and found that many of these sellers are either former employees or relatives of former associates of Amazon and Flipkart.
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