Market News
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Ethanol blending has strengthened India's energy security without hurting vehicle performance: Former IOCL Chairman
India's ethanol blending programme is bolstering energy security, boosting farmer incomes by nearly ₹1.6 lakh crore, and cutting emissions significantly. Former IOCL Chairman B. Ashok asserts that scientific studies show E20 fuel poses no threat to vehicle engines or mileage, dispelling common misconceptions. This initiative has saved the nation substantial crude oil imports, reinforcing its economic and environmental benefits.
India, Japan agree on crude oil stockpiling & reserve systems
India and Japan are joining forces to bolster energy security, creating joint strategies for crude oil and petroleum product stockpiling to shield consumers and industries from West Asia conflict disruptions. The nations will share market insights, stabilize energy prices, and explore third-country energy sourcing and upstream investments. This collaboration aims to enhance regional energy resilience through shared mechanisms and dialogues.
Vedanta Oil & Gas Q1 output falls 17% as production declines across key fields
Vedanta Oil & Gas reported a 17% year-on-year decline in average daily production for the June quarter, with output falling across its Rajasthan, Ravva, Cambay and OALP assets. The company said it is stepping up drilling and enhanced oil recovery projects to help reverse the production decline.
Crude inventory hits 1-year high on stronger imports
India's crude oil reserves have surged to a near one-year peak, reaching 104 million barrels by June's end. This rebound follows a significant drawdown in the preceding months, driven by strong import volumes that replenished stocks. Current reserves can sustain approximately 21 days of consumption, easing concerns over supply disruptions, particularly with the Strait of Hormuz transit now more stable.
State oil companies lose ₹75,000 cr in Q1 on low prices: Oil minister Hardeep Singh Puri
State-run oil companies reported a significant loss of ₹74,781 crore in the April-June quarter due to selling fuel below market rates. Despite a global crude price drop, domestic pump prices remain unchanged as refiners process higher-priced crude. A reduction in retail fuel prices may be considered if current crude prices persist, while bulk diesel prices have narrowed the gap with retail rates.
BPCL raises stake in Brazil's IBV to 100% with ₹2,312 crore deal
BPCL has acquired the remaining 39.14% stake in Brazil's IBV for ₹2,312 crore, taking full ownership of the oil and gas company as it looks to strengthen India's energy security.
India refiner Nayara's gasoline sold to Russia via traders, sources say
Indian refiner Nayara Energy's gasoline is reportedly reaching Russia, which faces fuel shortages due to Ukrainian attacks. While Indian Oil Minister stated no direct sales, traders might be facilitating these shipments. Nayara, with a stake held by Russian oil major Rosneft, has been processing exclusively Russian crude and relying on traders for fuel exports since EU sanctions complicated its dealings.
Indian Oil Corporation Ltd spurts 1.49%
Indian Oil Corporation Ltd is quoting at Rs 141.92, up 1.49% on the day as on 12:49 IST on the NSE. The stock is down 4.02% in last one year as compared to a 5.02% drop in NIFTY and a 9.03% drop in the Nifty Energy index.
BPCL agrees to buy Videocon Energy’s stake in BPRL Ventures JV
State-owned Bharat Petroleum Corporation Ltd (BPCL) is set to gain full control of its Brazil-based oil and gas joint venture. Through its subsidiary BPRL Ventures BV, BPCL has signed agreements to acquire the remaining stake in IBV Brazil Petroleo Limitada. This move, approved by the National Company Law Tribunal as part of insolvency proceedings, aims to bolster India's energy security by expanding its overseas upstream assets.
Ukrainian drone attacks on oil refineries plunge Russia into a summer fuel crisis
Ukrainian drone strikes on Russian oil refineries are causing widespread fuel shortages and long queues at gas stations across Russia. This unprecedented crisis, impacting ordinary citizens and businesses, has led to rationing in many regions. President Putin acknowledged the issues, calling them temporary, but motorists report a stark contrast between official statements and reality. The attacks are disrupting Russia's energy production and impacting its economy.
Nayara Energy cuts petrol price by Rs 5, diesel by Rs 3 amid softening oil prices
Nayara Energy has slashed petrol prices by Rs 5 and diesel by Rs 3 per litre nationwide, marking the first reduction in over two years. This move follows easing West Asian tensions and stabilizing global oil prices. While Nayara reverses its March price hike, state-owned retailers like IOC, BPCL, and HPCL have kept their prices unchanged. This development signals potential relief for consumers as international markets stabilize.
Dalal Street bets on a strong July as macro risks begin to fade
Indian equities are poised for a positive July, building on historical trends and recent market strengths. Easing crude oil prices, a stable rupee, and reduced foreign selling are fueling optimism. Analysts anticipate the Nifty could climb 2-3% from current levels, with mid and small-cap stocks expected to lead the rally. Investors are closely watching geopolitical developments and monsoon progress for further market catalysts.