SAIL Q2 profit misses target, GAIL profit jumps 50%

COUNTRY'S largest steel maker SAIL posted a standalone profit of Rs 553.69 crore for the July-September quarter of 2018-19 driven by an impressive growth in income.
The steel PSU had posted a standalone loss of Rs 539.06 crore in the July-September period of the previous fiscal.
The standalone income during the second quarter increased by 23.1 percent to Rs 16,832.37 crore, compared to Rs 13,666.05 crore in the year-ago period, according to a regulatory filing by SAIL.
Total expenses increased to Rs 15,950.21 crore during...

Assam PSU to launch country’s first methanol-based alternative cooking fuel

IN AN innovative step that might provide a boost to use alternative fuel; Assam Petrochemicals Limited (APL) will start a pilot project on October 5 on the use of methanol as an alternative to cooking gas. APL Chairman Jagadish Bhuyan told the media in Namrup last week that the use of methanol or methyl alcohol as an alternative to liquified petroleum gas (LPG) will help reduce cost of cooking. This will be India’s first step towards...

IOC touches new high; Taps solar power to deliver LPG on the 'roof of the world'

INDIAN Oil Corporation (IOC) is tapping solar power to make cooking gas refills available to homesteads and security establishments dotting the cold desert of Ladakh called the ‘roof of the world’ – in J&K.
The Maharatna PSU has switched its LPG (liquefied petroleum gas) bottling plant at Leh, the headquarters of the country’s largest district by area, from diesel generating set to an on-site 100 kw (kilo watt) solar power plant built at cost of over Rs 1 crore.
Essentially a frontier town situated at an elevation of 11,500 feet, Leh has turned into a major tourist attraction during the summer but is not connected...

HPCL asks Airtel to immediately return cooking gas subsidies: Report

STATE-run oil marketing PSU Hindustan Petroleum Corporation Limited (HPCL) on December 19 asked Airtel Payments Bank to immediately transfer the cooking gas subsidies it had got back to the bank accounts of customers or to the oil companies. This comes after LPG subsidies of millions of customers have been crdited to the Airtel Payments Bank accounts without their permission. "To link LPG subsidy to earlier bank accounts, we have written...

Thanks to Guj polls, oil PSUs not to hike cooking gas price in December

IF YOU are tired of all the mud-slinging and war of words between top politicians in these days, wait! There is a flip side of it as well. After hiking cooking gas LPG price by Rs. 76.5 in 19 installments in 17 months, national oil companies skipped the monthly revision in rates this month ahead of elections in Gujarat. State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) have been since July last year raising price of LPG on 1st of every month with a view to...

Ten things to know about India's biggest oil refinery to be set up at the cost of $30bn

INDIA'S biggest oil refinery that state-run IOC, BPCL, HPCL and EIL plan to set up on the west coast will cost $30 billion or Rs 2 lakh crore, a senior official told news agency PTI.
"The 60 million tonnes a year refinery and a mega petrochemical complex will be set up in two phases. Phase-1 will be 40 million tons together with an aromatic complex, naphtha cracker and polymer complex," Sanjiv Singh, director (Refineries), IOC, told PTI.
Here are ten things...

OIL becomes first Indian firm to raise $1 bn in foreign bond sale

OIL CMD SK Srivastava

STATE-run oil explorer Oil India Limited (OIL) on April 9 announced it has become the first Indian company to make a foreign currency bond issuance worth $1 billion in its debut US dollar bond sale programme. "Oil India has made an inaugural $1 billion dual-tranche US Dollar (USD) unsecured...