NSE:HINDPETRO

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.)

Jefferies Adjusts Hindustan Petroleum's Price Target to INR345 From INR275, Keeps at Underperform

Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) has an average rating of hold and mean price target of 413.48 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Hindustan Petroleum Reports Slightly Higher Q1 Sales Volume; Shares Slip 3%

Hindustan Petroleum's (NSE:HINDPETRO, BOM:500104) total sales volume, including exports, rose 0.6% year over year to 13.12 million metric tonnes (MMT) in the first quarter of fiscal 2027.Combined petrol and diesel sales increased 8.1% from a year earlier to 8.8 MMT, while LPG sales totaled 1.7 million tonnes. Pipeline throughput stood at 6.61 MMT during the quarter, according to an Indian bourse filing on Wednesday.Domestic sales volume declined 0.1% year over year, the company said.Shares of the company fell nearly 3% in recent trade.

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.)

India Plans to Increase Oil and Gas Refining Capacity, Bucks Global Trend: PM Modi

India is poised to increase its oil and gas refining capacity even as there is global uncertainty over the crude oil situation amid the Middle East crisis, Prime Minister Narendra Modi said on Saturday while inaugurating a greenfield refinery in Rajasthan, India.Modi highlighted that while the US has not built a new refinery in 50 years and Europe's capacity is shrinking, India has become the fourth-largest refining nation in the world."And we will not stop here - in the coming years, this capacity will increase further. These efforts enabled India to fight and overcome the greatest energy crisis of the century." Modi said.The new HPCL Rajasthan Refinery is a joint venture between Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), which holds a 74% stake, and the state government of Rajasthan, which has the remaining 26%. It has a capacity of around 9 million tons per annum.

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.)

Kotak Securities Upgrades Hindustan Petroleum to Reduce from Sell; Price Target is INR400

Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) has an average rating of hold and mean price target of 401.34 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Prabhudas Lilladher Downgrades Hindustan Petroleum to Hold from Accumulate; Price Target is INR384

Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) has an average rating of hold and mean price target of 397.44 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

3i Infotech to Provide IT Services to Hindustan Petroleum in INR371 Million Purchase Order

3i Infotech (NSE:3IINFOLTD, BOM:532628) has secured a purchase order worth 370.5 million Indian rupees from Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), according to a Wednesday filing to the Indian stock exchanges.The contract is for providing facility management services across Hindustan Petroleum's locations for three years and supporting its distributed IT operations through managed infrastructure services.The project entails providing IT services to HPCL, including skilled manpower support, desktop and endpoint support, printer and scanner support, server support, VMS endpoint support, travel assistance, and related IT infrastructure support services.

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).

Hindustan Petroleum Appoints CFO

Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) appointed K Vinod as chief financial officer, effective June 1, following the retirement of Rajneesh Narang as director-finance and CFO on May 31, according to a Monday filing on Indian bourses.Meanwhile, the Ministry of Petroleum and Natural Gas approved entrustment of additional charge of director-finance to K S Shetty, director-human resources, for three months, starting June 1, or until a regular appointment is made, whichever is earlier, the filing said.Shetty has assumed the additional charge with effect from June 1.Shares of the company were down over 1% at market close.

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.)

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.)

Market Chatter: Indian Fuel Retailers Raise Petrol, Diesel Prices Amid Global Volatility

Amid the ongoing geopolitical crisis in the Middle East and volatility in the global crude oil markets, Indian oil marketing companies have raised petrol and diesel prices for the first time in four years by about 3 Indian rupees per litre, according to a Reuters report on Friday quoting fuel retailers.Fuel prices in India are market-linked, allowing retailers to adjust prices as needed without government intervention.State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:HINDPETRO, BOM:500104), together control overe 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 have not raised gasoline and diesel prices since April 2022.Public sector refiners have been losing nearly 10 billion rupees per day on fuel sales as retail prices failed to keep pace with rising import costs over recent months, Bloomberg News reported separately on the same day, citing industry estimates.(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.)

Phillip Securities Downgrades Hindustan Petroleum to Neutral from Buy; Price Target is INR360

ICICI Securities Downgrades Hindustan Petroleum to Add from Buy; Price Target is INR430

Jefferies Adjusts Hindustan Petroleum's Price Target to INR275 from INR305, Keeps at Underperform

Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) has an average rating of hold and mean price target of 413.71 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Nomura Downgrades Hindustan Petroleum to Neutral From Buy, Adjusts Price Target to INR440 From INR550

Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) has an average rating of hold and mean price target of 413.71 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Indian Equities Rebound on Wednesday as Duty Hike on Gold, Silver Lifts Sentiment

Indian benchmark indices ended slightly higher on Wednesday, snapping a four-day losing streak, as measures to support the rupee and selective buying helped lift sentiment.The BSE Sensex rose 49.74 points, or 0.1%, to close at 74,608.98, while the NSE Nifty 50 gained 33.05 points, or 0.1%, to settle at 23,412.60.Sentiment improved after India raised import duties on gold and silver to curb demand for the precious metals and ease pressure on foreign exchange reserves.However, gains remained limited as investors continued to monitor rising tensions in the Middle East and the possibility of prolonged disruption around the Strait of Hormuz, which could tighten global oil supplies.Among stocks, Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) surged nearly 6% after reporting a sharp rise in Q4 profit to 60.7 billion rupees from 34.2 billion rupees a year earlier. Revenue from operations also increased to 1.232 trillion rupees from 1.179 trillion rupees.Ceigall India (NSE:CEIGALL, BOM:544223) slipped nearly 1% after securing a 1.25 billion rupee order from Punjab State Power Corporation for a battery energy storage system project, according to a filing.