ONGC is HPCL promoter, no confusion about it, says Dharmendra Pradhan
.jpg)
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.
In the filings for Q4FY18 and Q1FY19 with both the BSE and NSE, HPCL clubbed ONGC, which owns its 51.11% share, with ‘public shareholders’ while still mentioning the President of India (read the Union government) as its promoter with 0% stake. ONGC has written to HPCL asking to make necessary changes in its filings.
The state-run explorer had to fork out Rs 36,915 crore to acquire a majority stake in HPCL on being prodded by the government, which wanted to boost its non-debt capital receipts. MK Surana, chairman and managing director of HPCL, on Thursday told reporters, “Whatever we did, are doing and will be doing is as per our understanding of the institutes and Sebi rules.”
An ostensible purpose of the deal was to further the government’s policy of creating an integrated oil major to compete with global and domestic private players. Prior to acquisition, HPCL was on the Fortune Global 500 list ranked 384 (2016) while ONGC was not on the list. Thanks to majority stake in HPCL, ONGC is now ranked 197 (2017) on the list. The Fortune Global 500 is an annual ranking of the top 500 corporations worldwide as measured by revenue.
Other Latest News
.webp)
Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
.webp)
Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
.webp)
Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
.webp)
Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
.webp)
National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
.webp)
.webp)
.webp)
.webp)
.webp)
