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Asia

India's KABIL Eyes Lithium Extraction in Argentina in Four to Five Years

India's state-run Khanij Bidesh India Limited (KABIL) expects to begin lithium extraction in Argentina within four to five years, after completing feasibility work, according to a parliamentary panel report.KABIL signed a 2 billion-rupee lithium exploration agreement in 2024 covering five blocks in Argentina. The company is also evaluating seven additional greenfield lithium brine blocks offered by Catamarca.It is pursuing potential lithium projects in Salta and Jujuy and is evaluating two other projects with Oil India and Indian Oil (NSE:IOC, BOM:530965).The company has cited a lack of expertise in handling lithium brine deposits as a factor behind delays in Argentina.

BOM:530965NSE:IOC
Asia

Market Chatter: Indian Refiners Seek Crude Supplies Earlier Amid Supply Risks

Indian state-owned refiners are seeking spot crude supplies further ahead than usual as attacks on Russian energy assets and uncertainty around the Strait of Hormuz raise concerns over supply, Bloomberg News reported Friday, citing people familiar with the matter.Indian Oil (NSE:IOC, BOM:530965) and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) have secured supplies through October and are seeking cargoes for November, the report said.Hindustan Petroleum has acquired about 4 million barrels of Middle Eastern crude for October delivery, while Mangalore Refinery & Petrochemicals (NSE:MRPL, BOM:500109) has also booked West African crude for October arrival, according to the report.Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500104BOM:500109BOM:500547BOM:530965NSE:BPCLNSE:HINDPETRONSE:IOCNSE:MRPL
Asia

Indian Oil Ramps Up Spot Purchases, Russian Crude Imports in Q1

Indian Oil (NSE:IOC,BOM:530965) increased its spot crude procurement to 84%, according to Finance Director Anuj Jain during a recent analyst call.Jain said this shift was supported by diversifying sourcing away from traditional supply routes.The adjustment drove Indian Oil's reliance on Russian crude imports to 54% for the quarter.Additionally, the company scaled up purchases from other geographies like West Africa and South America to maintain planned refinery operations.

BOM:530965NSE:IOC
Asia

Market Chatter: India's State Oil Firms Buy Additional Oil from Spot Market Amid Potential Middle East Supply Delays

Indian Oil (NSE:IOC, BOM:530965), Bharat Petroleum (NSE:BPCL, BOM:500547) and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) have made crude oil purchases from the spot market, Bloomberg reported Friday, citing people familiar with the matter.The move comes as a buffer for potential delays in shipments from Saudi Arabia and Iraq, according to the report.The Indian state-owned oil companies have been asked to tap into their stored supplies if needed to ensure undisrupted refinery operations in August and avoid fuel, especially cooking gas, shortages, the people reportedly told Bloomberg, asking to remain unnamed.Oil Minister Hardeep Singh Puri, on Thursday, had discussions on backup strategies with state-run refiners, Bloomberg said.Indian Oil, Bharat Petroleum and Hindustan Petroleum did not immediately respond to' requests for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500104BOM:500547BOM:530965NSE:BPCLNSE:HINDPETRONSE:IOC
Asia

Market Chatter: Indian Oil, Mangalore Refinery Cancel Plans to Lift Iraqi Oil Amid Rising Tensions in Middle East

Indian Oil (NSE:IOC, BOM:530965) is said to have dropped its plan to take Iraqi oil from Basrah ​Oil Terminal amid the heightened tensions in the Middle East, leading to higher risks of attack on vessels transiting through the Strait of Hormuz, according to a Reuters report on Tuesday, citing sources.As per the report, the state-owned refiner was planning to lift ​2 million barrels of Iraqi oil in ​the very large crude carrier Lila Jamnagar around July ⁠23.The sources cited in the report also said that Mangalore Refinery and Petrochemicals (NSE:MRPL, BOM:500109), another public sector refiner, has ​cancelled plans to lift oil from Iraq in the ​Indian Aframax tanker Desh Gaurav.Both companies did not immediately respond to' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500109BOM:530965NSE:IOCNSE:MRPL
Equities

Market Chatter: Indian Oil Refiners in Talks to Buy Iranian Oil if US Extends Waivers

India's state oil companies are said to be in talks with traders marketing Iranian crude, in case the U.S. extends waivers beyond August or eases restrictions, according to a Bloomberg report on Tuesday, citing sources.However, Indian Oil (NSE:IOC, BOM:530965), Bharat Petroleum (NSE:BPCL, BOM:500547), and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) are in no hurry to buy Iranian oil as they have fully contracted shipments required through August, the report said.The oil refiners may procure some Iranian cargoes if the discounts are significant, the sources told the news agency, adding that the discussions were aimed at securing access to Iranian barrels in case of any unforeseen developments.Indian Oil, Bharat Petroleum, and Hindustan Petroleum did not immediately respond to comment requests from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Indian Refiners Eye Alternate Sources for Oil Imports to Cut Middle East Dependence

In a bid to reduce their dependence on oil imports from the Middle East, Indian state-owned refiners are looking more keenly for alternative options, including spot-market purchases, according to a Bloomberg report on Tuesday, quoting sources.After reeling under the shock of oil and gas shortage due to the Iran war, Indian refiners are planning to reduce the volume they buy from producers in the Middle East under long-term contracts, the report said.Major public sector refiners Indian Oil (NSE:IOC, BOM:530965), Bharat Petroleum (NSE:BPCL, BOM:500547) and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) usually purchase around half of their overall crude through long-term deals, with the remaining coming from the spot market, according to the report.To avoid any disruptions, they are looking to opt for more immediate deals along with entering into supply arrangements with trading houses that source crude from multiple regions such as Guyana, Brazil, and the U.S., Bloomberg wrote.Indian Oil, Bharat Petroleum and Hindustan Petroleum did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Equities

Fitch Affirms Indian Oil's Long-term Credit Rating

Fitch Ratings on Wednesday affirmed Indian Oil's (NSE:IOC, BOM:530965) long-term credit rating of BBB- with a stable outlook.The rating agency also maintained the state-owned oil company's standalone credit profile of bb+, citing its dominant market position in the domestic market.Fitch said it expects the company's EBITDA net leverage to deteriorate in fiscal 2027 due to the impact of the Iran conflict before recovering to a satisfactory level in the financial year ending March 2028.

BOM:530965NSE:IOC
Asia

NLC India, Indian Oil to Form Joint Venture for Renewable Energy Power Projects in Tamil Nadu

NLC India (NSE:NLCINDIA, BOM:513683) has signed a memorandum of understanding with state-owned Indian Oil (NSE:IOC, BOM:530965) to form a joint venture for renewable energy power projects in Tamil Nadu, India, according to a Tuesday filing to the Indian stock exchanges.The proposed joint venture will be used to develop large-scale renewable energy projects, including solar, wind, hybrid power with or without energy storage, such as battery storage and pumped storage projects.The joint venture will also explore future opportunities based on techno-commercial feasibility and evolving market requirements.Shares of NLC India fell nearly 1% in recent trade, while those of Indian Oil rose close to 1%.

BOM:513683BOM:530965NSE:IOCNSE:NLCINDIA
Research

Kotak Securities Upgrades Indian Oil to Reduce from Sell; Price Target is INR150

Indian Oil (NSE:IOC, BOM:530965) has an average rating of hold and mean price target of 155.91 Indian rupees, according to analysts polled by FactSet.

BOM:530965NSE:IOC
Research

Prabhudas Lilladher Downgrades Indian Oil to Reduce from Accumulate; Price Target is INR126

Indian Oil (NSE:IOC, BOM:530965) has an average rating of hold and mean price target of 154.97 Indian rupees, according to analysts polled by FactSet.

BOM:530965NSE:IOC
Asia

Market Chatter: PetroChina, Indian Oil Fail to Secure Tankers for Iraqi Crude Over High Costs, Hormuz Risks

State-owned refiners PetroChina (SHA:601857, HKG:0857) and Indian Oil Corporation (NSE:IOC, BOM:530965) failed to secure very large crude carriers to lift Iraqi Basrah crude in late June, Reuters reported Thursday, citing sources.A PetroChina official cited high costs and a lack of guarantee of safe passage through the Strait of Hormuz, the report said.Meanwhile, Indian Oil received zero bids for a tender seeking a vessel to lift crude on June 22-23 for delivery to India's Paradip port, a source reportedly told Reuters.PetroChina and Indian Oil did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:530965HKG:0857NSE:IOC
Asia

India Defends INR29 Increase in LPG Prices

The Ministry of Petroleum & Natural Gas has defended a recent 29-Indian-rupee increase in domestic liquefied petroleum gas (LPG) prices, saying Indian households still pay among the lowest cooking gas rates globally.The defense came after opposition parties criticized the price hike, which went into effect Sunday.The cost of a standard 14.2-kg LPG cylinder in Delhi has risen to 942 rupees from 913 rupees following the latest price hike.This marks the second major hike since the Middle East conflict began in February, following a 60-rupee increase on March 7.LPG cylinders are mainly sold by oil marketing companies, including Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547).

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Asia

Market Chatter: Indian Refiners Hold Domestic Jet Fuel Prices Steady After Airlines Seek Relief

India's state-owned refiners have kept aviation turbine fuel prices unchanged for domestic flights for June after airlines sought a pause in further increases amid pressure from the Iran conflict, Bloomberg News reported Monday, citing company spokespersons.The domestic jet fuel price in New Delhi remains at 104,927 rupees per kiloliter, the report noted. The refiners have also reduced fuel prices for international flights, although details of the cut were not disclosed, according to the report.The airlines had asked refiners, including Indian Oil Corp. (NSE:IOC, BOM:530965) and Bharat Petroleum Corp. (NSE:BPCL, BOM:500547), to avoid price hikes for domestic flights until end of the U.S.-Iran war, after an 8.6% increase in April, citing pressure on travel demand and higher costs, Bloomberg reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500547BOM:530965NSE:BPCLNSE:IOC
Asia

Market Chatter: Indian Retailers Raise Fuel Prices for the Third Time in May as Global Prices Remain High

As the global crude oil prices remain high, Indian state-owned fuel retailers have raised petrol and diesel prices for the third time this month, according to a Reuters report on Saturday, quoting local dealers.After the first price increase in four years on May 15, the price of fuel ​has been hiked by around 5 rupees, as the Iran war has disrupted global oil supply, the report said.State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547), together control more than 90% of the country's over 103,000 fuel stations.They usually fix the rates of diesel and petrol in line with each other, and until recently, had not raised gasoline and diesel prices since April 2022.As per the report, the Indian oil ministry has said that the government currently has no plans to provide financial support for refiners.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500104BOM:500547BOM:530965NSE:BPCLNSE:HINDPETRONSE:IOC
Asia

Nomura Adjusts Indian Oil's Price Target to INR180 From INR190, Keeps at Buy

Indian Oil (NSE:IOC, BOM:530965) has an average rating of overweight and mean price target of 162.69 Indian rupees, according to analysts polled by FactSet.

BOM:530965NSE:IOC
Asia

Jefferies Adjusts Indian Oil's Price Target to INR175 From INR185, Keeps at Buy

Indian Oil (NSE:IOC, BOM:530965) has an average rating of overweight and mean price target of 162.69 Indian rupees, according to analysts polled by FactSet.

BOM:530965NSE:IOC
International

Market Chatter: Indian Airlines Seek Delay in Aviation Fuel Price Hike

Major Indian airlines have asked state-run oil refiners to halt jet fuel price increases for domestic flights until the Middle East conflict eases, Bloomberg News reported Wednesday, citing people familiar with the matter.The proposal was floated by domestic airlines, including Air India, IndiGo (NSE:INDIGO, BOM:539448), and SpiceJet (BOM:500285), the report said.They reportedly warned the government that raising fuel prices could lead to flight suspensions and broader business disruptions.State-owned refiners, including Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547) are currently considering the proposal, according to the report.India's Ministry of Petroleum and Natural Gas has joined the discussions and may intervene directly, as it did in Aprl and May, the report added.Aviation fuel in India is deregulated and is fixed by the country's main oil marketing companies, which revise the prices each month.However, in April, to lessen the impact of the surge in global oil prices, the Indian government capped the most recent jet fuel price hike to 25% and asked the oil companies to keep them constant in May, Bloomberg added.A decision on the airlines' proposal is expected before June 1, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500104BOM:500285BOM:500547BOM:530965BOM:539448NSE:BPCLNSE:HINDPETRONSE:INDIGONSE:IOC
Indian Oil's Attributable Profit Rises 78% Despite War Impact
US Markets

Indian Oil's Attributable Profit Rises 78% Despite War Impact

Indian Oil's (NSE:IOC, BOM:530965) attributable profit jumped 78% in the fiscal fourth quarter as the bottom line remained insulated from geopolitical shocks.Attributable profit rose to 144.6 billion rupees in the fiscal fourth quarter ended March 31 from 81.2 billion rupees a year ago.Earnings per share climbed to 10.50 rupees from 5.90 rupees in the prior-year period, according to a Monday filing to the Indian stock exchanges.Profitability remained guarded from the impact of the war in the Middle East, as the oil company purchased stocks at normal prices before the conflict arose.The company purchased three crude oil shipments at 54.1 billion rupees and five liquefied petroleum gas shipments at 6.19 billion rupees, which were waiting at the Persian Gulf and were covered by insurance, Indian Oil said.Revenue from operations in the fiscal fourth quarter grew to 2.369 trillion rupees from 2.214 trillion rupees a year earlier.Other income jumped 43% to 17.7 billion rupees from 12.4 billion rupees in the prior-year period.Indian Oil recognized an impairment loss of 12.2 billion rupees from its investment in IndOil Global, it said.Directors also recommended a final dividend of 1.25 rupees per share for the financial year ended March 31.

BOM:530965NSE:IOC
Asia

Indian Oil's Consolidated Net Profit Soars in Fiscal Q4

Indian Oil (NSE:IOC, BOM:530965) recorded a jump in its consolidated net profit to 144.6 billion Indian rupees in the fiscal fourth quarter ended March 31, against 81.2 billion rupees a year ago.Earnings per share climbed to 10.50 rupees compared with a year-ago figure of 5.90 rupees, according to a Monday filing to the Indian stock exchanges by the oil marketing company.Revenue from operations in fiscal Q4 also increased to 2.369 trillion rupees from 2.214 trillion rupees a year earlier.The company's board also recommended a final dividend of 1.25 rupees per share for the financial year ended March 31.Shares of the company rose over 2% in recent trade.

BOM:530965NSE:IOC

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