The Union Minister for Petroleum and Natural Gas Minister Hardeep Singh Puri announced that the Petrol and Diesel prices are reduced by Rs. 2 per litre and the benchmark Brent crude oil futures for May rose $1.21 to $85.26 a barrel. This could result in selling pressure on OMC stocks, as high crude prices are negative for them since they purchase raw crude in advance.
Following the above events the shares of Indian Oil Manufacturing Companies slumped by upto 8 percent in the day’s trade and some of them are mentioned below.
Indian Oil Corporation
Indian Oil Corporation Limited is a Maharatna Central Public Sector Enterprise and the largest refiner in the country with a market share of 42 percent across petroleum, oil, and lubricants, with over 59,900 touchpoints.
It has business interests across the entire value chain of hydrocarbon from Refining, Pipeline transportation, and marketing of Petroleum products to R&D, Exploration & production, and marketing of natural gas and petrochemicals.
With a market capitalization of Rs. 2,29,752 Crores, the shares of Indian Oil Corporation Limited were trading at Rs. 163.30, down 4.19 percent from its previous day’s close price of Rs. 170.45.
Its revenue from operations grew by 42.83 percent from Rs. 5,89,321 Crores in FY22 to Rs. 8,41,756 Crores in FY23, accompanied by profits of Rs. 25,727 Crores to Rs. 11,704 Crores.
Hindustan Petroleum Corporation
Hindustan Petroleum Corporation Limited is engaged in refining crude oil and marketing petroleum products, producing hydrocarbons, and providing services for managing exploration and production blocks, operating liquified natural gas, and many more.
With a market capitalization of Rs. 66,402 Crores, the shares of Hindustan Petroleum Corporation Limited were trading at Rs. 468.45, down 6.34 percent from its previous day’s close price of Rs. 500.15.
Its revenue from operations grew by 25.95 percent from Rs. 3,49,913 Crores in FY22 to Rs. 4,40,709 Crores in FY23, accompanied by profits of Rs. 7,5294 Crores to a loss of Rs. 6,980 Crores.
Bharat Petroleum Corporation
Bharat Petroleum Corporation Limited is engaged in producing, refining, and distributing petroleum products, and provides fuel services, gas, lubricants, and many more
With a market capitalization of Rs. 1,25,816 Crores, the shares of Bharat Petroleum Corporation Limited were trading at Rs. 580.55, down 4.67 percent from its previous day’s close price of Rs. 609.
Its revenue from operations grew by 36.45 percent from Rs. 3,46,791 Crores in FY22 to Rs. 4,73,187 Crores in FY23, accompanied by profits of Rs. 11,682 Crores to Rs. 2,131 Crores.
Oil and Natural Gas Corporation
Oil and Natural Gas Corporation Limited is engaged in the business of exploration, development, and production of crude oil, natural gas, value-added products, and other related work.
With a market capitalization of Rs. 3,22,872 Crores, the shares of Oil and Natural Gas Corporation Limited were trading at Rs. 256.65, down 2.51 percent from its previous day’s close price of Rs. 263.25.
Its revenue from operations grew by 28.71 percent from Rs. 4,91,246 Crores in FY22 to Rs. 6,32,291 Crores in FY23, accompanied by profits of Rs. 49,294 Crores to Rs. 32,778 Crores.
Written by: Bharath K.S
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