NSE:IOC

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.

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.)

GP Petroleums JV Bags Supply Order Worth INR740 Million; Shares Jump 4%

GP Petroleums (NSE:GULFPETRO, BOM:532543) said its joint venture Amron Oil Resources Pvt. Ltd. has received a letter of acceptance worth 740.4 million Indian rupees from Indian Oil Corp. (NSE:IOC, BOM:530965) for supply of bulk bitumen, according to a filing with the Indian bourses by the company.Shares of the company jumped 4% at market close on Wednesday.The contract involves supply of 9,000 MT of VG-30 and 6,000 MT of VG-40 at Pipavav, the filing said.The order is to be executed over 12 months, with an option to extend by another year on mutual agreement, it added.

Emkay Global Downgrades Indian Oil to Add from Buy; Price Target is INR160